In a recent announcement, the Federal Government has unveiled the list of beneficiaries and requirements for the N50,000 grant under the Presidential Conditional Grant Scheme (PCGS). The grant, totaling N50 billion, is designed to support over 1,000 nano businesses across Nigeria, with a focus on inclusivity, especially for women and youths in each Local Government Area (LGA) and the Federal Capital Territory (FCT).
The Ministry of Industry, Trade, and Investment is overseeing the initiative, with the Bank of Industry (BOI) handling the disbursement of three funds totaling N200 billion. These funds, carrying a nine percent interest rate, encompass the PCGS, the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
Targeting various sectors such as traders, food vendors, ICT enterprises, transporters, artisans, and creatives, the PCGS aims to empower nano businesses without the obligation of repayment. Dr. Olasupo Olusi, the Managing Director/CEO of BOI, emphasized the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in the economy and highlighted the significance of this initiative in fostering their growth.
To be eligible for the grant, nano business owners must meet specific criteria, including ownership of a nano business, willingness to register a business name, and commitment to hiring additional staff as business turnover increases. Applicants must also provide proof of residence/business address, along with personal and bank account information for identity verification.
The Federal Government encourages timely participation in the scheme, emphasizing the need to meet the application submission deadline. The non-repayable nature of the grant component provides a significant boost to nano businesses, contributing to economic development at the grassroots level.
This release signifies the government’s commitment to supporting and empowering businesses, particularly at the grassroots, and underscores the importance of nano businesses in driving economic prosperity. Stay tuned for further updates on the Federal Government’s initiatives to foster MSME growth and economic development across Nigeria.
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