FG Rolls Out N50,000 Grant to Market Women, Traders, Vulcanisers, Others, Gives Conditions

FG Rolls Out N50,000 Grant to Market Women, Traders, Vulcanisers, Others, Gives Conditions

  • The Nigerian government has unveiled the Presidential Conditional Grant Scheme to empower small businesses in the country
  • The scheme targets small business owners in various sectors of the Nigerian economy, such as food, trade, and other services
  • Beneficiaries will be chosen from the 774 local government areas of the country and must meet certain conditions

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has rolled out a Presidential Conditional Grant Scheme (PCGS) to help small businesses and petty traders as part of the Palliative Programme.

A statement by the Bank of Industry says the scheme offers grants without repayment obligations to eligible small business owners operating in different sectors such as trading, food services, ICT, transportation, creatives and artisans.

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FG gives grants to small business owners
President Bola Tinubu and the minister of Industry, Trade and Investment, Doris Uzoka-Aniite, roll out grants for traders Credit: State House
Source: Facebook

Grant targets mostly women

The scheme targets 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% spread across other demographics.

According to the statement, by focusing on this overlooked group of business operators, the scheme seeks to open the potential of Nigeria’s growing entrepreneurial ecosystem to drive sustainable economic development at the grassroots level.

The ministry of Industry, Trade and Investment implements the scheme, with the Bank of Industry (BOI) as the executing agency.

Punch reports about one million small businesses will get about N50,000 per beneficiary in all the 774 local government areas and the six council areas of FCT.

Beneficiaries must meet the criteria

The beneficiaries have been selected via a process that includes business verification through their National Identification Number (NIN) and Bank Verification Number (BVN)

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Successful applicants must meet some conditions, including owning a small business with progressive economic potential, being willing to grow, and engaging at least one staff member.

Applicants must also provide proof of residential or business address and relevant personal account information.

FG opens the application portal

In a previous report by Legit.ng, the Nigerian government opened an application portal for its presidential conditional grant for nano businesses under the presidential palliative programme.

The initiative offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.

The federal government will partner with state governments, ministers, NASMEs, senators, and rep members, using specific selection criteria to shortlist beneficiaries.

FG releases N150 billion for the scheme.

It is understood that 70% of the grant will be given to women and youth-owned businesses, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% to other groups.

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Another report by Legit.ng, the minister of industry, trade and investment, Doris Uzok-Anite, revealed that the Nigerian government aims to release about N150 billion for nano businesses and the manufacturing sector.

Step-by-step guide to Applying for FG’s grant scheme

Also, Legit.ng reported that the Nigerian government recently announced the takeoff of the Presidential Conditional Grant Scheme to nano businesses nationwide as part of the Presidential Palliative Programme.

According to the Nigerian government, the grant sum is about N50,000 per beneficiary and is designed to reach one million petty businesses nationwide in all 774 local government areas.

The Nigerian government earmarked N150 billion for nano businesses and the manufacturing sector across the country.

Source: Legit.ng

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