The Ministry of Industry, Trade, and Investment has mandated applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers (NINs) as part of the application process. This requirement is aimed at obtaining a grant designed to mitigate the impact of recent economic reforms on businesses in Nigeria.
Through the Bank of Industry, the government announced plans to disburse three categories of funding totaling N200 billion to support manufacturers and businesses nationwide. This new directive is based on regulations from the Central Bank of Nigeria, which mandates Nigerians to link their NINs with their bank accounts.
Trade Minister Doris Aniete issued the directive via a post on her official X (formerly Twitter) account, titled “Update on the Presidential Conditional Grant Programme Application Process.” The post explained that all applicants will receive an SMS from ‘FGGRANTLOAN’ with instructions to submit their NINs via a secure link. Only verified applicants whose NINs match their names will proceed with the application process.
The statement reassured applicants that their submissions were being thoroughly processed, emphasizing the importance of complying with the new requirement for continued application progress.
This development represents a delay in disbursing the grant, which President Bola Tinubu announced in August 2023 to support manufacturers and small businesses. Despite promises from the Trade Ministry and the Bank of Industry, the program has not progressed significantly.
In his address, President Tinubu highlighted plans to allocate N75 billion between July 2023 and March 2024, aiming to fund 75 enterprises and stimulate sustainable economic growth. However, eight months later, the program has yet to reach a significant stage, leaving prospective beneficiaries in the dark.
Femi Egbesola, President of the Association of Small Business Owners, expressed disappointment at the slow pace of data collation by supervising agencies, alleging deliberate efforts to discourage genuine businesses from accessing the loans. He emphasized the need for transparent communication regarding the status and progress of the grant disbursement.