FG Grants 150,000 Nigerians N50,000: Minister
FG Distributes N50,000 Grant to 150,000 Nigerians
The Federal Government of Nigeria has begun disbursing grants to support small businesses. This week, 150,000 individuals received N50,000 each under the Conditional Grant Scheme (CGS)
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the disbursements on her social media platform. She emphasized that the program is entirely free and warned against scammers who might demand fees for processing the grant.
Grant Scheme Details
- Target: 1 million small businesses across various sectors including trading, food services, ICT, transportation, creative industries, and artisans.
- Grant Amount: N50,000 per beneficiary.
- Distribution: Direct deposit to recipients’ accounts.
- Target Groups:
- 70% – Women and youths
- 10% – Individuals with disabilities
- 5% – Senior citizens
- 15% – Other groups
- Geographic Scope: All 774 Local Government Areas (LGAs) and the six area councils in the Federal Capital Territory (FCT).
Minister’s Message
Minister Uzoka-Anite urged those who missed the registration deadline (April 17, 2024) to explore the MSME loan program offered by the Bank of Industry. She also assured those awaiting grant disbursements to be patient, as the process is ongoing. A complete list of beneficiaries will be released upon completion.
Key Points
- The Conditional Grant Scheme aims to empower 1 million small businesses across Nigeria.
- The program prioritizes women, youths, and vulnerable groups.
- Grants are non-repayable financial assistance.
- Beware of scammers demanding fees for grant processing.
Additional Information
The Trade Grant Scheme, launched in March 2024, aims to stimulate economic activity at the grassroots level. The initiative is expected to significantly impact communities nationwide by supporting small businesses.
