FG Invites Nigerians To Apply N50k for Their Business, Releases Link

• The federal government, through the SMEDAN, has launched a programme to support entrepreneurs
• The federal agency is inviting small business owners operating at the local government level to apply for a N50,000 grant
• The grant is aimed at boosting business sustainability, job creation, and local economic development

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched a conditional grant scheme for micro enterprises for strictly for small business owners.

This government-backed scheme aims to provide conditional financial grants to nano businesses of up to N50,000.

Statement from SMEDAN shows that CGS for micro enterprises is specifically tailored to support small business owners operating at the local government level.

The aim is to help nano businesses in job creation and business sustainability within local communities.

The statement reads:

"This scheme was created to give grants to nano businesses for work force support and to ensure that they can procure equipment.

"The Scheme is a government initiative designed for micro enterprises, offering financial assistance under specific conditions to support their growth.

"Participants in the Conditional Grant Scheme (CGS) for micro enterprises receive financial assistance tailored to their business needs."

Key details of the conditional grant scheme (CGS)

• Nano businesses operating at the Local Government Area (LGA) level.
• Each nano business is eligible for a financial assistance package of N50,000.
• FG gives a condition to recipients to utilise the grant to employ at least one person, thereby promoting local employment and bolstering economic activities at the grassroots.

Types of Projects eligible for funding

The CGS is structured to support a diverse range of projects and activities aimed at enhancing the competitiveness, productivity, and sustainability of micro-enterprises.

Eligible projects may encompass investments in technology upgrades, infrastructure development, capacity building, market expansion, and innovation initiatives.

SMEDAN said:

"Participating micro-enterprises can expect various benefits, including improved business performance, increased competitiveness, enhanced market access, job creation, and overall growth and development of the enterprise.

"Recipients of grants under the CGS may be required to submit periodic reports, undergo project evaluations, or participate in monitoring and evaluation activities to ensure accountability and effective utilization of funds."

How to apply for N50,000 grant

Small business owners interested in benefiting from the CGS can apply through designated channels, including online portals, application forms, or designated government offices.

Applicants are required to submit comprehensive documentation and project proposals in line with the scheme guidelines to qualify for consideration.

Click here to apply for the programme and fill the form.

Step by step guide on how to get FG grant

Earlier, Legit.ng reported that the federal government has started the disbursement process for the presidential conditional grant.

Nigerians do not need to know anybody or have any connections to benefit from the opportunity.

In one minute, they can apply for the N50,000 grant.

The grant targets specific demographics: 70% women and youth, 10% people with disabilities, 5% senior citizens, and the remaining 15% distributed to other groups.

Source: Legit.ng