Federal Government Initiates Disbursement of N50,000 Trade Grant to Nano Businesses
The Federal Government has commenced the disbursement of the N50,000 Presidential Conditional Grant Scheme, also referred to as the Trade Grants Scheme, to nano businesses across the country.
Nano businesses, defined as enterprises with one or two workers and an annual turnover of less than N3 million, are the primary beneficiaries of this scheme, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, announced this development in a statement released on Tuesday in Abuja.
Uzoka-Anite highlighted that numerous beneficiaries have already received their grants, signifying the initiation of the phased disbursement strategy.
The Minister further stated that a significant number of validated applicants will receive substantial grant amounts on Friday, 19th April 2024, as part of the ongoing disbursement process.
It’s crucial to note that not all applicants will receive their grants on the first scheduled date, but all verified applicants will eventually receive their grants in subsequent phases.
Uzoka-Anite emphasized the importance of patience as the government processes applications with diligence and fairness.
The phased disbursement plan aims to ensure that each application receives due consideration.
“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.
Background Information
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme to empower nano businesses.
Initially slated to commence on March 9, 2024, the Trade Grant Scheme provides financial grants, without repayment obligations, to eligible small business owners in various sectors such as trading, food services, ICT, transportation, creative arts, and artisans.
The PCGS targets specific demographics, allocating 70% to women and youths, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% to other groups.
According to the Minister of Industry, Trade, and Investment, each beneficiary will receive a N50,000 grant directly into their accounts, with the aim of reaching one million small businesses across the 774 local government areas (LGAs) and six council areas in the Federal Capital Territory (FCT).
Uzoka-Anite highlighted that with a target of 1,000,000 beneficiaries in every local government and the FCT, the programme has the potential to significantly impact communities nationwide.
