FG Launches Grant Scheme for Small Businesses

311,000 Beneficiaries Benefit From Payroll Support Programme - BOI

The Federal Government has introduced a new initiative called the Presidential Conditional Grant Scheme, aimed at empowering small businesses across various sectors as part of its Presidential Palliative Programme.

Announced through a statement by the Bank of Industry, the scheme is designed to provide grants, without the requirement of repayment, to eligible small business owners operating in sectors such as trading, food services, ICT, transportation, creatives, and artisans.

With a focus on empowering marginalized groups, the scheme targets 70% women and youth, 10% people with disabilities, 5% senior citizens, and allocates the remaining 15% to other demographics. By prioritizing these underserved entrepreneurs, the program aims to stimulate Nigeria’s entrepreneurial ecosystem and foster sustainable economic growth at the grassroots level.

The initiative is being overseen by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry serving as the implementing agency.

Under the scheme, each beneficiary will receive a grant of N50,000, benefiting a total of one million small businesses across the 774 local government areas and six council areas in the Federal Capital Territory.

To ensure transparency and accountability, beneficiaries were selected through a rigorous verification process involving their National Identification Number and Bank Verification Number.

Successful applicants were required to meet specific criteria, including owning a small business with growth potential, demonstrating a commitment to expansion, and engaging additional staff members when necessary.

Furthermore, applicants had to provide evidence of their residential or business address, along with relevant personal and bank account information, before the December 18, 2023, deadline.

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