The Ministry of Industry, Trade, and Investment has initiated the distribution of the Presidential Conditional Grant Scheme to eligible applicants following a rigorous selection process. The government, in collaboration with the Bank of Industry, had announced plans to allocate three categories of funding totaling N200 billion to support manufacturers and businesses nationwide.

In a progress update shared on the X (formerly Twitter) platform on Tuesday, Minister of Industry, Trade, and Investment Doris Aniete, revealed that an undisclosed number of beneficiaries had already received their grants. Additionally, she announced that a significant disbursement to a considerable number of verified applicants is scheduled for Friday, April 19, 2024.

Aniete stated, "We are pleased to announce that the distribution process for the Presidential Conditional Grant Program has officially commenced. Some beneficiaries have received their grants, marking the beginning of our phased disbursement approach. By Friday, April 19, 2024, a substantial disbursement will be made to verified applicants. It's important to note that distributions are ongoing, and not all applicants will receive their grants initially. However, all verified applicants can expect to receive their grants in subsequent phases."

This development comes more than eight months after President Bola Tinubu's announcement of the grant for manufacturers and small businesses, and two weeks after applicants were instructed to submit their national identification numbers as part of the grant acquisition requirements aimed at alleviating the impact of recent economic reforms on businesses in the country.