Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, has provided a recent development on the implementation of the initiative set forth by the administration of President Bola Ahmed Tinubu. This initiative aims to provide a ₦50,000 grant to nano-scale business proprietors.
In a recent press release, Uzoka-Anite highlighted that beneficiaries of the scheme have commenced receiving notifications from the Federal Government regarding the disbursement.
The Minister revealed that over 200,000 small-scale entrepreneurs have already received their grants, with an additional 800,000 individuals slated to receive theirs before the program’s conclusion on May 31.
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This effort aims to extend support to a targeted 1,000,000 Nigerians spanning all 774 local government areas. Uzoka-Anite clarified that beneficiaries were selected randomly from the pool of 3.6 million applicants who met the specified eligibility criteria.
Furthermore, she emphasized that the 2024 budget allocates ₦50 billion for the disbursement of these grants.
This initiative, initially announced by President Tinubu in a broadcast on July 31 the previous year, was introduced as part of the palliative measures to mitigate the effects of petrol subsidy removal.
Regarding the progress of the program, Dr. Uzoka-Anite stated during an interview with The Nation that the application portal closed on April 17 due to an overwhelming response, exceeding 3.6 million applications.
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