In a significant move to bolster economic support, the Federal Government FG of Nigeria has unveiled an application portal for the Presidential Conditional Grant for Nano Businesses, part of the broader Presidential Palliative Program.
Under this initiative, eligible beneficiaries stand to receive a grant of N50,000.00, with the ambitious goal of aiding one million nano businesses spread across the 774 local government areas.
Collaborating with State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members, the Federal government will employ specific selection criteria.
Notably, the focus is on prioritizing 70% women and youth, 10% people with disabilities, and 5% senior citizens.
The remaining 15% will be allocated to other demographics.
Minister of Industry, Trade and Investment, Ms Doris Uzok-Anite, explained that the program encompasses the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, targeting manufacturers, SMEs, MSMEs, and businesses.
“In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas,” the statement revealed.
The eligibility criteria for nano business beneficiaries include providing proof of residential/business address in their local government area and furnishing relevant personal and bank account information, including the Bank Verification Number for identity verification.
The scheme’s target sectors encompass a diverse range of businesses, including traders, food services, ICT, transportation, creatives, and artisans.
Key Timelines:
N50b Grants for Nano Businesses (3 Months)
Start Date: 10th Oct 2023
Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification, continuous fund disbursement from 12th Dec 2023.
N75b Loans: MSMEs and Manufacturers
Start Date: 10th Oct 2023
Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec 2023, repayments starting 5th June 2024.
Interested parties can apply through the official portal: https://www.fedgrantandloan.gov.ng/
