The Federal Government has announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide.
Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on Tuesday in Abuja.
According to Uzoka-Anite, several beneficiaries have already received their grants, marking the beginning of the phased disbursement strategy.
The Minister also said that on Friday, 19th April 2024, a considerable number of validated applicants will receive significant grant amounts.
She said the disbursement process is continuous, and not every applicant will get their grant on this first scheduled date.
Recommended reading: Trade Grant Scheme: Applicants to link NIN to Bank account to receive grants, says FG
Meanwhile, Uzoka-Anite said that all verified applicants will eventually receive their grants in subsequent phases.
- “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
- “By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants.
- “It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.
- “We ask for your patience as we continue to process the applications with the utmost diligence and fairness.
- “The phased disbursement plan has been designed to ensure that each application is given the consideration it deserves,” she said.
Backstory
Earlier in December 2023, the Federal Government announced the Presidential Conditional Grant Scheme (PCGS) to empower nano businesses as part of the Presidential Palliatives Programme.
- The Trade Grant Scheme, which initially was to take off on March 9, 2024, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.
- The PCGS targets 70% women and youths, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.
- According to the Minister of Industry, Trade and Investment, the N50,000 grant per beneficiary will be paid directly to beneficiaries’ accounts and will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
- With a target of 1,000,000 beneficiaries in every local government and the FCT, Uzoka-Anite said the programme has the potential to impact communities nationwide significantly.