The Nigerian Government has released an application portal for its Presidential Conditional Grant for Nano Businesses under the Presidential Palliative Program.
The scheme offers a grant of N50,000.00 per beneficiary, aiming to support one million nanobusinesses across the 774 local government areas.
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The federal government will collaborate with state governments, Honourable ministers, NASME, senators, and House of Representatives members and will use specific selection criteria to shortlist beneficiaries, prioritizing 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographics.
Nigerian online business magazine, Nairametrics had earlier reported that the Minister of Industry, Trade, and Investment, Ms. Doris Uzok-Anite, disclosed this in a statement signed by her.
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She explained that the program consists of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, targeted at manufacturers, SMEs, MSMEs, and businesses.
The statement read,
- “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 Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks, and other stakeholders.”
- “Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.”
Target Sectors for the Scheme
The following businesses are eligible to apply for the scheme:
- Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
- Food Services: Food and vegetable vendors.
- ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents.
- Transportation: Wheelbarrow pushers and independent dispatch riders.
- Creatives: Makeup artists, fashion designers, and dry cleaners.
- Artisans: Vulcanizers, shoemakers, painters, and repairers.
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.
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