The Federal Government has introduced a Presidential Conditional Grant Scheme (PCGS) aimed at empowering nanobusinesses as part of the Presidential Palliative Programme.
Administered by the Federal Ministry of Industry, Trade, and Investment in collaboration with the Bank of Industry, the scheme provides grants, without repayment obligations, to eligible small business owners across various sectors, including trading, food services, ICT, transportation, creatives, and artisans.
The PCGS targets specific demographics, with 70% allocated to women and youth, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% to other demographics. This inclusive approach seeks to tap into Nigeria’s growing entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.The initiative aims to reach one million small businesses in the 774 local government areas and six council areas in the Federal Capital Territory, providing each beneficiary with a N50,000 grant.
Selection criteria include ownership of a small business with progressive economic potential, a commitment to growth, and a willingness to employ additional staff when necessary. Applicants underwent a thorough verification process using their National Identification Number and Bank Verification Number. Successful applicants demonstrated proof of residential or business address and provided relevant personal and bank account information before the December 18, 2023, deadline.
Source: PUNCH