The Nigerian government has disclosed that over 1,000 nano businesses will benefit from the Presidential Conditional Grant Scheme (PCGS).
The PCGS is a N50 billion grant scheme to support eligible nano business owners and the FG said the grant will be disbursed to a minimum of 1,000 beneficiaries.
The Ministry of Industry, Trade, and Investment said it has set up three funds amounting to N200 billion in order to provide support to businesses throughout the country.
These funds will be disbursed by the Bank of Industry, BOI, and will carry an interest rate of nine per cent.
The Federal Government created three funds to support various initiatives, namely the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
In a statement, Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, emphasized BOI’s dedication to the growth of MSMEs, recognizing their vital role in the economy.
Olusi said, “The Presidential Conditional Grant Scheme (PCGS) is a N50 billion grant scheme to support eligible Nano Business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT.
“The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.
“This is the grant component of the initiative, as beneficiaries are not required to pay back. To be eligible, beneficiaries must own a Nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.
“They must also be willing to provide proof of residential/business address in their Local Government Area, provide relevant personal and bank account information, including but not limited to, Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.”
