In a move to boost economic development and support small-scale enterprises, the Federal Government of Nigeria has introduced the Presidential Conditional Grant for Nano Businesses.
This initiative, operating under the broader Presidential Palliative Program, seeks to empower one million nano businesses across the country by providing a grant of N50,000.00 per beneficiary.
Key Features of the Program: The scheme is set to collaborate with various stakeholders, including State Governments, Honourable Ministers, the National Association of Small and Medium Enterprises (NASME), Senators, and House of Representative Members. Specific selection criteria will be employed to shortlist beneficiaries, with a focus on inclusivity. The allocation plan prioritizes 70% women and youth, 10% people with disabilities, 5% senior citizens, and 15% for other demographics.
Eligibility Criteria and Application Process: Nano businesses interested in availing this grant must meet specific criteria, including proof of residential/business address in their local government area. Applicants will be required to provide relevant personal and bank account information, including the Bank Verification Number (BVN) for identity verification.
Target Sectors for the Scheme: The program is inclusive, targeting various sectors that form the backbone of the nation’s economy. Eligible businesses include traders, food services, ICT, transportation, creatives, and artisans. From single retail marketers to makeup artists and independent dispatch riders, a diverse range of nano businesses can apply for this financial support.
Key Timelines: The program outlines a clear timeline for the disbursement of N50 billion in grants to nano businesses. Starting on October 10, 2023, the initiative spans 6 weeks of planning, 3 weeks of official communication, 6 weeks of verification, with continuous fund disbursement from December 12, 2023.
Additionally, N75 billion in loans for MSMEs and manufacturers will be available from the same start date. The loan program involves 6 weeks of planning, continuous call to entry, revolving fund disbursement from December 5, 2023, with repayments starting on June 5, 2024.
How to Apply: For nano businesses eager to benefit from this economic stimulus, the application portal is now open. Click here to start your journey towards financial empowerment.
In a climate where economic resilience is crucial, the Presidential Conditional Grant for Nano Businesses stands as a beacon of hope, offering tangible support to the engines that drive our economy. Apply today and be a part of this transformative initiative.
