FG Announces ₦50,000 Presidential Grant For 100,000 Businesses In Nigeria

The Presidential Conditional Grant Scheme, popularly known as the Trade Grants Scheme, has provided an initial N50,000 payout to over 100,000 nano-businesses nationwide, according to a federal government announcement.

This was revealed by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, in a Friday exclusive interview with Punch.

According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), nano-businesses are companies that employ one or two people and have an annual revenue of less than N3 million.

About the disbursement of the N50,000 presidential grant

The disbursement, which commenced a few weeks ago, is set to benefit 1,291 nano-businesses per Local Government Area.

The Trade Grants Scheme, part of the Presidential Palliatives Programme, was announced by the Federal Government in December 2023, with an allocated fund of N200 billion through the Bank of Industry to support manufacturers and businesses nationwide.

Originally scheduled to launch on March 9, 2024, the Trade Grant Scheme provides financial grants without repayment obligations to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative, and artisans.

Minister Uzoka-Anite confirmed that while distribution has begun, verified applicants will receive their grants in subsequent phases as the ministry continues to receive verified data from the states.

Aniete said, “The Presidential Conditional Grant Scheme kicked off a few weeks ago, and disbursement has been made to the first batch.

“Each grant applicant gets N50,000, while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number (BVN) and their National Identification Number (NIN).

“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.

Beneficiaries of the trade grants

She said the target of the scheme is to reach one million nano-businesses across the 774 Local Government Areas and six council areas in the Federal Capital Territory.

“The target is for one million nano businesses across the 774 Local Governments across the Federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.

“So far, the disbursement has hit about 100,000 small businesses and they have gotten the initial disbursement, but the target remains one million.

“Disbursement is still ongoing, and we are still waiting for data from across all the states. It is an ongoing process,” the minister stated.

This development follows President Tinubu’s announcement of grants for manufacturers and small businesses eight months prior and recent directives for applicants to submit their NINs as part of the application requirements.

The grants aim to mitigate the adverse effects of recent economic reforms on businesses across the country.


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *