NIGERIA GOVERNMENT LAUNCHES DISBURSAL OF FIFTY THOUSAND NAIRA TRADE GRANTS TO TINY BUSINESSES.
Nigerian Government Starts Handing Out N50,000 Grants to Tiny Businesses
The Nigerian government has begun disbursing the N50,000 Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme, to small businesses across the country.
What are Nano businesses?
These are very small businesses with one or two employees and annual sales of less than N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Who Announced this?
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the announcement on Tuesday in Abuja.
How Are They Giving out the grants?
The disbursement is happening in phases. Some people have already received their money, and a larger number of qualified applicants will get theirs on Friday, April 19th, 2024.
Will everyone get their grant on the same day?
No, the disbursement is ongoing. Not everyone will receive their grant on the first scheduled date.
Will Everyone who Applied Eventually Get a grant?
Yes, all verified applicants will eventually get their N50,000 grant in one of the disbursement phases.
What is The Government Asking Applicants To Do?
The government is asking for patience as they process applications carefully and fairly. The disbursement plan ensures each application gets proper consideration.
Background On the Grant Scheme
The Federal Government announced the Presidential Conditional Grant Scheme (PCGS) in December 2023 to support tiny businesses as part of a larger economic relief program.
What is the Trade Grant Scheme?
This scheme offers one-time, non-repayable grants of N50,000 to small business owners in various sectors like trading, food services, ICT, transportation, creative industries, and artisans.
Who is Eligible For the Grant?
The program targets 70% women and youths, 10% people with disabilities, and 5% senior citizens. The remaining 15% goes to other demographics.
How Much Money Will Be Given Out?
The Minister said the N50,000 grant will be deposited directly into the bank accounts of beneficiaries. The program aims to reach one million small businesses across all 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
Potential Impact
With a target of one million beneficiaries in every LGA and the FCT, this program has the potential to significantly impact communities nationwide.
Source: Nariametrics
