In a move to streamline the disbursement process and ensure transparency, the Ministry of Industry, Trade, and Investment has issued a directive requiring applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers (NINs).
This requirement comes as part of the necessary documentation needed to access grants aimed at mitigating the impact of recent economic reforms on businesses across the nation.
The initiative, spearheaded by the Bank of Industry, entails allocating a total of N200 billion across three categories to support manufacturers and businesses nationwide.
The decision to mandate NINs follows the Central Bank of Nigeria’s regulations, which mandate linking NINs with bank accounts.
Trade Minister Doris Aniete conveyed the new directive via an official statement posted on social media. In the announcement titled “Update on the Presidential Conditional Grant Programme Application Process,” she emphasised the importance of this step for the continuation of the application process.
Applicants are set to receive SMS notifications from ‘FGGRANTLOAN,’ containing instructions to securely submit their NINs. It is reiterated that only verified applicants will receive these notifications, and NINs must align with the applicant’s name for further processing.
The statement from the Ministry reads, “Dear Esteemed Applicants, The Ministry of Industry, Trade, and Investment thanks all applicants for their interest in the Presidential Conditional Grant Programme and assures that applications are being thoroughly processed. Due to new regulations from the Central Bank of Nigeria, it is now required for applicants to link their National Identification Numbers with their bank accounts. We currently do not have a record of the NINs of those who applied.
Therefore all applicants will receive an SMS from ‘FGGRANTLOAN’ with instructions to submit this information via a secure link.
This step is essential for the continuation of the application process. Only verified applicants will receive this notification, and NINs must match the applicant’s name for the process to proceed. We appreciate your patience and cooperation, and we will keep you updated on your application’s progress. Thank you for your participation and contribution to national growth.”
Despite the initial announcement of the grant by President Bola Tinubu in August 2023, aimed at bolstering the manufacturing sector and supporting small businesses, there have been delays in its implementation.
The President had outlined plans to disburse N75 billion between July 2023 and March 2024, targeting 75 enterprises to stimulate sustainable economic growth and job creation.
However, eight months later, the programme, managed by the Trade Ministry and executed by the Bank of Industry, has yet to reach significant stages, prompting concerns among prospective beneficiaries.
Femi Egbesola, President of the Association of Small Business Owners, expressed dismay over the slow progress, highlighting the lack of communication from supervising agencies regarding the delay.
He lamented the disenfranchisement experienced by genuine businesses eagerly awaiting support. Egbesola emphasized the need for transparency regarding the disbursement process and urged authorities to provide stakeholders with updates on the programme’s status and expected timelines.
