Nigerian Government Announces N50 Billion Grant Scheme for Nano Businesses

The Nigerian government has recently announced a N50 billion grant scheme called the Presidential Conditional Grant Scheme (PCGS) to support eligible nano business owners.

The grant will be disbursed to a minimum of 1,000 beneficiaries, with a focus on women and youths in all 774 Local Government Areas (LGAs) and the six Council Areas in the Federal Capital Territory (FCT).

The target nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.

The grant component of the initiative does not require beneficiaries to pay back the funds.

However, eligible individuals must meet certain conditions, such as owning a nano business, being willing to register a business name as the business grows, and providing proof of residential/business address in their LGA.

The Federal Government has also set up three funds, totaling N200 billion, to support businesses throughout the country.

These funds, including the FGN MSME Intervention Fund and the FGN Manufacturing Sector Fund, will be disbursed by the Bank of Industry (BOI) at an interest rate of nine percent.

Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, emphasized the bank’s dedication to the growth of Micro, Small, and Medium Enterprises (MSMEs), acknowledging their vital role in the economy.

In conclusion, the Nigerian government is taking significant steps to support and empower small businesses, particularly nano businesses, through the N50 billion grant scheme and other initiatives.

This move will help foster growth and development in the nation’s economy by providing much-needed support to the sector that plays a crucial role in job creation and overall economic progress.