The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Loan and Grant Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program.
Introduction to FG Conditional Loan and Grant Scheme :
In a bold move to empower Small and Medium-sized Enterprises (SMEs) in Nigeria, the government is introducing a revolutionary Cash Disbursement Management Platform. This innovative initiative aims to provide much-needed financial support to SMEs through loans and grants, fostering economic growth and prosperity across the nation.
We envision a future where Nigerian SMEs thrive, create jobs, and contribute significantly to the nation’s economic development. To turn this vision into reality, the government is taking a proactive approach by launching the Cash Disbursement Management Platform.
- Access to capital for business expansion
- Enhanced financial stability
- Job creation and economic growth
- Opportunity to thrive and prosper
- Increased competitiveness
Target Sectors For FG Conditional Loan and Grant Scheme
The Target Sectors for this Grant
Below are the business that are eligible to apply to the scheme
- These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
- These include food and vegetable Vendors
- These include business centre operators, battery chargers, recharge card vendors, call centre agents
- These include wheelbarrow pushers, independent dispatch riders
- These include makeup artists, fashion designers, drycleaners.
- Artisans image These include vulcanizers, shoemakers, painters, repairers.
Eligible applications which meet the selection criteria will be shortlisted.
About The FG Conditional Loan and Grant Scheme
The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas. The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium a Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
Frequently Asked Questions
What is a ‘nano business’?
A nano business is a very small-scale business entity, often operated by a single individual or a small team, and typically characterized by its limited size and scope.
A Nano business has asset value of value <1m and less than 4 employee with annual turnover <1m.
What is a Bank Verification Number (BVN), and why is it needed for identity verification?
The Bank Verification Number (BVN) is an 11-digit biometric identifier introduced by the Central Bank of Nigeria for customers. It enhances security, reduces fraud, and streamlines financial services by providing a standardised means of verifying and authenticating individual’s identities.
BVN links multiple bank accounts, aids in compliance with regulatory policies, and is used beyond banking for identity verification in various services.
BVN provides a unique identity for each beneficiary.
Do I need to have a registered business name to qualify for this opportunity?
No, The beneficiary is expected to register thereafter
When is the deadline for submitting the application for this opportunity?
31st December, 2023
What documents do I need to provide as proof of my residential/business address in the Local Government Area?
Submit business/Residential address with the closest land mark
What personal and bank account information is required for this application
Account number, Account Name and BVN
What does it mean to have a business with ‘progressive economic potential’?
A business that has the ability to create jobs and increase wages