FG introduces presidential grant scheme to boost nano enterprises

In a bid to bolster small-scale businesses, the Federal Government has unveiled the Presidential Conditional Grant Scheme (PCGS) under the Presidential Palliative Programme.

This initiative, which kicked off over the weekend, is designed to provide financial grants, free of repayment obligations, to eligible nano business proprietors spanning sectors such as trading, food services, ICT, transportation, creatives, and artisans.

The PCGS particularly aims to cater to 70% women and youth, 10% persons with disabilities, 5% senior citizens, with the remaining 15% earmarked for other demographics.

By concentrating on this often marginalized segment of entrepreneurs, the program aims to unleash the potential of Nigeria’s thriving entrepreneurial landscape, fostering sustainable economic growth at the grassroots level.

Spearheaded by the Federal Ministry of Industry, Trade and Investment, the implementation of this initiative is entrusted to the Bank of Industry.

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Each beneficiary is set to receive a grant of N50,000.00, with the objective of reaching one million small businesses across the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).

With aspirations to impact communities nationwide, targeting 1,000,000 beneficiaries in every LGA and the FCT, the program holds promise for significant nationwide transformation. The selection process for beneficiaries was rigorous, involving verification through National Identification Numbers (NIN) and Bank Verification Numbers (BVN).

Successful applicants met specific criteria, including owning a small business with evident economic potential, a commitment to expansion, and hiring additional staff when necessary. Applicants also furnished proof of residential/business address and relevant personal and bank account information within the stipulated deadline of December 18, 2023.

The Presidential Conditional Grant Scheme reaffirms the government’s dedication to bolstering small-scale entrepreneurs and fostering inclusive economic advancement.

With its focus on inclusivity and empowerment, the PCGS is poised to deliver tangible benefits to small business owners and their communities throughout Nigeria.