The Ministry of Industry, Trade, and Investment has made it compulsory for applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers (NINs) as part of the application process. This mandate has been enforced in response to the pressing need for a grant that would mitigate the impact of recent economic reforms on businesses in Nigeria.
The government, through the Bank of Industry, had earlier announced plans to disburse three categories of funding worth N200 billion to support manufacturers and businesses across the country. However, this new directive is based on the regulations of the Central Bank of Nigeria, which requires Nigerians to link their NINs with their bank accounts.
The Trade Minister, Doris Aniete, issued the directive through a post on her official X (formerly Twitter) account, titled “Update on the Presidential Conditional Grant Programme Application Process.” According to the post, all applicants for the grant will receive an SMS from ‘FGGRANTLOAN’ with instructions to submit their NINs via a secure link. Only applicants with verified NINs matching their names will be allowed to proceed with the application process.
The statement also reassured applicants that their submissions would undergo a thorough vetting process, and emphasized the need for compliance with the new requirement to ensure continued progress in the application process.
This development represents a delay in the disbursement of 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 yet to make significant progress.
In his address, President Tinubu had announced plans to allocate N75 billion between July 2023 and March 2024, with the aim of funding 75 enterprises and stimulating 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, and alleged 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.