The Federal Government has rolled out the Presidential Conditional Grant Scheme (PCGS) to empower about one million Nano businesses across the 774 local government areas across the country and the Federal Capital Territory (FCT).
The initiative, which is to be implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry (BoI) as the executing agency is part of the Presidential Palliative Programme.
It was learnt that the scheme will offer financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives and artisans with effect from March 9.
The scheme is also said to target 70 per cent women and youth, 10 per cent people with disabilities, and five per cent senior citizens, with the remaining 15 per cent distributed to other demographics.
The source said by focusing on the often overlooked group of business owners, the programme seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots.
The source said each beneficiary is to get N50,000, which will be paid to beneficiaries’ accounts targeting one million small businesses across the 774 local government areas (LGAs) and the six council areas in Abuja.
The source said beneficiaries of the initiative have been selected through a rigorous process that includes the verification of each business owner through their National Identification Number (NIN) and Bank Verification Number (BVN).
Successful applicants are said to have met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engage at least one additional worker when necessary.
The Presidential Conditional Grant Scheme underscores the government’s commitment to supporting small-scale entrepreneurs and driving inclusive economic growth.
thenation