The Nigerian Government has begun the disbursement of the Presidential Conditional Grant Scheme (PCGS) meant to empower Nano businesses across the nation as part of the palliative programme.
According to the Bank of Industry, the scheme which began on Saturday, 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, creatives and artisans.
“The PCGS targets 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics,” stated BOI.
“By focusing on the often overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.”
BOI said the grant paid directly to beneficiaries’ accounts will be enjoyed by one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT), Abuja.
It added that with a target of covering every LGA in the country, the programme has the potential to impact communities nationwide significantly.
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).
The Bank of Industry further said that the successful applicants met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engaging at least one additional staff member when necessary.
Applicants also provided proof of residential/business address and relevant personal and bank account information before the deadline of December 18, 2023.
“The Presidential Conditional Grant Scheme underscores the government’s commitment to supporting small-scale entrepreneurs and driving inclusive economic growth,” stated BOI.
“With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible impact on the lives of small business owners and their communities across Nigeria.”
It added that the initiative is implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the Executing Agency.
For more information about the Presidential Conditional Grant Scheme (PCGS), Nigerians have been directed to visit the official website [https://grant.fedgrantandloan.gov.ng/].
