Businesses must meet certain requirements in order to get the cash, such as being a microbusiness with a National Identity Number and a Bank Verification Number. Should they be eligible, the N50,000 president grant will be deposited into their bank accounts.
The goal of Minister Uzoka-Anite is to support one million microbusinesses in local government areas of Nigeria. Roughly 100,000 businesses have already benefited from investment, and they are working toward the one million goal right now.
This follows President Tinubu’s announcement eight months prior that incentives will be extended to small businesses and manufacturers. It also complies with a new mandate that businesses supply their National Identity Numbers (NINs). This is to help businesses cope with the current economic disruptions in the nation.
Who Can Apply for N50,000 Presidential Grant
Businesses that fall into the six categories below can apply.
1. Traders
2. Food services
3. ICT
4. Transportation
5. Creatives (makeup artists, fashion designers and dry cleaners.)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
5. Provide relevant personal and bank account information, including Bank Verification (BVN) for verification of identity
6. Meet the application submission deadline.
How to Apply For N50,000 Presidential Grant
- Eligibility Check: Ensure that you meet the eligibility criteria set by the scheme. This typically includes being a micro-business with one or two employees and an annual turnover below N3 million.
- Gather Required Documents: Collect all necessary documents for the application process. This usually includes your Bank Verification Number (BVN) and National Identification Number (NIN).
- Application Submission: Submit your application through the designated channel. This could be an online portal or a physical application form, depending on the instructions provided by the scheme organizers.
- Verification Process: After submitting your application, it will undergo a verification process to confirm your eligibility and the authenticity of the information provided.
- Grant Disbursement: If your application is successful and passes the verification process, you will receive the grant amount directly into your bank account. This disbursement is typically done electronically.
- Follow-Up: Keep track of any communication from the scheme organizers regarding the status of your application. In case of any additional requirements or updates, make sure to comply promptly.
By following these steps carefully, you can successfully apply for the Presidential Grant Scheme and access the financial support offered to micro-business owners
Eligible applicants should visit the website
Click Here: https://www.fedgrantandloan.gov.ng/ and click ‘apply for grant.’
