Nume Ekeghe
The Federal Government has introduced the Presidential Conditional Grant Scheme (PCGS) to bolster nano businesses as a component of the Presidential Palliatives Programme.
Launched over the weekend, this initiative provides financial grants, free from repayment obligations, to qualifying small business operators across sectors including trading, food services, information communications technology (ICT), transportation, creatives and artisans.
The PCGS aims to benefit 70 per cent women and youths, 10 per cent of individuals with disabilities, and five per cent of senior citizens, with the remaining 15 per cent allocated to other demographic groups.
Bank of Industry (BOI), which was appointed as the executing agency for the funds in a statement yesterday noted that by focusing on the often-overlooked group of business owners, the programme seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
It stated: “Specifically, the initiative is implemented by the Federal Ministry of Industry, Trade and Investment with the BOI as the executing agency.
According to the government, the N50,000 grant per beneficiary will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT). With a target of 1,000,000 beneficiaries in every LGA and the FCT, the programme has the potential to impact communities nationwide significantly.”
“Beneficiaries of the initiative have been selected through a rigorous process that includes the verification of each business owner through their National Identification Number (NIN) and Bank Verification Number (BVN).
“The successful applicants met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engaging at least one additional staff member when necessary. Applicants also provided proof of residential/business address and relevant personal and bank account information before the December 18, 2023 deadline.
“The PCGS underscores the government’s commitment to supporting small-scale entrepreneurs and driving inclusive economic growth. With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible impact on the lives of small business owners and their communities across Nigeria.”
