FG begins disbursement of N50,000 trade grant April 2024
Great News for Nigerian Nano Businesses: N50,000 Grant Disbursement Starts Now!
Calling all Nigerian nano business owners! The wait is finally over. The Federal Government has begun disbursing the N50,000 Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme. This is fantastic news for small businesses across the country.
What are Nano Businesses?
Before we dive deeper, let’s understand who qualifies for this grant. Nano businesses are tiny enterprises with one or two employees. Their yearly income, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), is less than N3 million.
Grant Disbursement Has Started!
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the exciting news on Tuesday. She shared that many qualified businesses have already received their grants, marking the beginning of a multi-stage disbursement process.
More Grants Coming Soon!
Here’s even better news: a significant number of verified applicants will receive a substantial amount of money by Friday, April 19th, 2024.
Not Everyone Gets Money Today
It’s important to understand that the disbursement is happening in phases. Not all applicants will receive their grant on this first date. The Minister assures everyone that all verified applicants will eventually get their money in the coming stages.
Patience is Key
The Ministry is processing applications carefully and fairly. They ask for your patience as they continue this important work. The phased disbursement plan ensures proper consideration of each application.
Looking Back: The Announcement
Remember back in December 2023? The Federal Government announced the Presidential Conditional Grant Scheme (PCGS) as part of a larger program to support small businesses.
What Does the Grant Cover?
The Trade Grant Scheme provides financial help, without the need to repay, to eligible small business owners. These businesses operate in various sectors, including:
- Trading
- Food services
- Information and Communication Technology (ICT)
- Transportation
- Creative industries
- Artisans (skilled craft workers)
Focus on Empowering People
The program prioritizes empowering specific groups:
- 70% of grants go to women and young people.
- 10% are allocated to people with disabilities.
- 5% are for senior citizens.
- The remaining 15% are distributed to others.
Reaching Millions of Businesses
The Minister shared that the N50,000 grant will be directly deposited into beneficiaries’ accounts. This program aims to reach one million small businesses across all 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT). With such a vast reach, the PCGS has the potential to significantly impact communities nationwide.
This is a significant opportunity for Nigerian nano businesses. Stay tuned for further updates on the disbursement process.
REGISTER FOR UPDATES
