The Federal Ministry of Industry, Trade and Investment has announced that the N50,000 grant program for nano businesses covering one million applicants across the country is still in progress, noting that it will be completed by end of this month.
Doris Uzoka-Anite, Minister in charge of the programme, made this disclosure in a frequently asked questions (FAQ) circular issued on Thursday on her official X (formerly Twitter) account.
According to Uzoka-Anite, the application for the scheme has ended and all remaining successful applicants will receive their alerts between now and the end of May.
- “Many have already received their grants—thank you for your patience! For those waiting, please hold tight.
- “The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now.
- “The application portal was closed at midnight on April 17, 2024.
- “The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024
- “For those who missed out on the nanobusiness grant, you may be eligible for a single digit interest loan. Applications are still ongoing at fedgrantandloan.gov.ng,” she said.
Only one million applicants to receive the grants.
Furthermore, the Minister also explained that only one million from the over 3.6 million applicants will be eligible to receive the grants, adding that the scheme only covers such number of people.
She explained that the disbursements are not based on any specific criteria but rather follow the order in which applications are verified.
According to her, the objective is to distribute funds to an estimated 1,290 beneficiaries per local government area (LGA) across the country, aiming for a total of one million recipients.
- “Disbursements aren’t based on any specific criteria but in the order, applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.
- “Disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN. The selection is random, without human intervention, from those who have passed both their NIN and BVN verification.
- “Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses,” Uzoka-Anite said.
Backstory
In December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme aimed at supporting nano businesses.
- Scheduled to commence on March 9, 2024, the Trade Grant Scheme offers non-repayable financial grants to eligible small business owners in various sectors such as trading, food services, ICT, transportation, creative industries, and artisans.
- The PCGS plans to distribute 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.
- The Minister announced that each qualifying recipient would receive a N50,000 grant, which will be directly deposited into their bank accounts, with the goal of reaching one million small businesses across the 774 LGAs and six council areas in the Federal Capital Territory (FCT).
- Emphasizing the extensive impact of the scheme, Uzoka-Anite highlighted its potential to benefit communities across the entire nation, targeting a total of 1,000,000 beneficiaries.
