The presidential conditional Grants scheme to empower other businesses as part of the Presidential Palliative Programme has been revealed by the Federal government.
The statement made by the Bank of Industry, the scheme offers grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives and artisans.
The presidential conditional Grants scheme chooses 70 percent women and youth, 10 per cent people with disabilities, and 5 per cent senior citizens, with the remaining 15 per cent distributed to other demographics.
The program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level by focusing on the business owners.
The was implemented by the Federal Ministry of Industry, Trade and Investment with the Banks of Industry as the executing agency.
The N50,000 grant per beneficiary will reach one million small businesses in the 774 local government areas and the six council areas in the Federal Capital Territory.
Each beneficiaries have been selected through a process that includes their National Identification Number (NIN) and Bank Verification Number (BVN).
Applicants also provided proof of residential/business address and relevant personal and bank account information before the December 18, 2023, deadline.
