The Federal Government has initiated the distribution of the N50,000 Presidential Conditional Grant Scheme, commonly referred to as the Trade Grants Scheme, to nano businesses across Nigeria.
These nano businesses, identified by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3 million, stand as the primary beneficiaries of this program.
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Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, unveiled this development yesterday in Abuja, marking the official start of the disbursement process.
Uzoka-Anite disclosed that the disbursement process has already begun, with several beneficiaries having received their grants. The approach to disbursement is phased, ensuring a gradual and systematic allocation of funds. A significant disbursement is slated for Friday, April 19, 2024, wherein a substantial number of validated applicants are expected to receive their grants.
However, the minister emphasized that not all applicants will receive their grants on this initial date, as the disbursement process remains ongoing. She reassured all verified applicants that they will eventually receive their grants in subsequent phases and urged patience as the applications are diligently processed.
The Trade Grants Scheme, introduced as part of the Presidential Palliatives Programme in December 2023, aims to empower nano businesses across various sectors, including trading, food services, ICT, transportation, creative arts, and artisans. Specific demographics are targeted, with 70% allocated to women and youths, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% distributed to other groups. Each beneficiary is set to receive a non-repayable grant of N50,000 directly into their accounts. The program’s scope encompasses one million small businesses across the 774 local government areas and six council areas in the Federal Capital Territory (FCT). Minister Uzoka-Anite emphasized the potential of the program to significantly uplift communities nationwide, with a goal of reaching one million beneficiaries in every local government area and the FCT.
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