FG offers N50k grant to nano businesses

The Federal Government has initiated the Presidential Conditional Grant Scheme (PCGS) as a pivotal component of the Presidential Palliative Programme, aiming to empower nano businesses. Launched over the weekend, the scheme provides financial grants, without repayment obligations, to eligible small business owners across various sectors including trading, food services, ICT, transportation, creatives, and artisans. With a strategic focus on inclusion, the PCGS targets 70% women and youth, alongside allocations for people with disabilities, senior citizens, and other demographics.

Implemented by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry as the executing agency, the initiative aims to distribute N50,000 grants per beneficiary to one million small businesses nationwide. Spanning the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT), the program aspires to significantly impact communities at the grassroots level.

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Beneficiaries were meticulously selected through a stringent process involving verification via National Identification Numbers (NIN) and Bank Verification Numbers (BVN). Successful applicants demonstrated ownership of small businesses with growth potential, a commitment to expansion, and the engagement of additional staff when necessary. Moreover, applicants provided evidence of residential or business addresses, along with pertinent personal and bank account details before the December 18, 2023, deadline.

The introduction of the Presidential Conditional Grant Scheme underscores the government’s dedication to fostering the growth of small-scale entrepreneurs and fostering inclusive economic development. With its emphasis on empowerment and inclusivity, the PCGS is poised to create a palpable impact on the lives of small business owners and their respective communities nationwide.