The federal government, Between April and June 2024 disbursed N27.2 billion as part of the N50 billion grant initiative aimed at supporting nano businesses. This information comes from the Presidential Conditional Grant Scheme (PCGS) portal, detailing the distribution of N50,000 grants to beneficiaries across Nigeria’s 774 local government areas (LGAs).
As of June 30, 2024, 545,830 individuals received the N50,000 grants, showcasing the government’s efforts through the Ministry of Industry, Trade, and Investment. Despite a goal to support 1 million beneficiaries, the scheme has yet to reach over 400,000 applicants.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, noted that nearly 4 million Nigerians applied for the grants by June, although only 1 million will be accommodated. She confirmed that around 60% of these eligible applicants have already received their funds.
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The Minister emphasized that the disbursement is ongoing and relies on a computer-generated random selection process rather than a first-come, first-served basis. “The disbursement process is still ongoing, and we have allocated about 60% of the 1 million grants. You can track the number of beneficiaries per LGA paid so far on the grant website,” she said. “Almost 4 million Nigerians applied for the N50,000 grant, but only 1 million beneficiaries can be accommodated. The selection is random, giving everyone an equal chance. While there may be future social intervention programs, there are no immediate plans at this time.”
The grant scheme targets various nano businesses, including single retail marketers, corner shop owners, petty traders, market vendors, food vendors, business center operators, recharge card vendors, call center agents, wheelbarrow pushers, dispatch riders, makeup artists, fashion designers, dry cleaners, vulcanizers, shoemakers, painters, and repairers.
Launched as part of the Presidential Palliatives Programme to support small businesses after subsidy removal, the PCGS began disbursing payments in April 2024. The initiative prioritizes women and youths (70% of the grants), individuals with disabilities (10%), and senior citizens (5%), leaving 15% for other demographics.
With over 500,000 beneficiaries already supported, more than 400,000 applicants are still awaiting their grants.
