Tinubu’s Government Grants N50k to 100k Nigerian Businesses, More is Coming
Tinubu’s government gave N50k grants to 100,000 market women, traders, and others in Nigeria. More is on the way.
President Bola Ahmed Tinubu’s government provided N50,000 to over 100,000 small businesses nationwide through the Presidential Conditional Grant Scheme, also called the Trade Grants Scheme.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, revealed this in an interview on Friday.
Nano businesses, defined by the Small and Medium Enterprises Development Agency of Nigeria as having one or two workers and less than N3 million in annual turnover, benefited.
The disbursement, according to the minister’s aide, Terfa Gyado, started a few weeks ago and targets 1,291 nano businesses per Local Government.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme to assist nano businesses as part of the Presidential Palliatives Programme. The scheme, totaling N200 billion, is distributed through the Bank of Industry to support manufacturers and businesses nationwide.
The Trade Grant Scheme, initially scheduled to begin on March 9, 2024, offers financial grants without repayment obligations to qualified small business owners in various sectors.
The minister announced in a statement on Wednesday that distribution had started.
However, in a chat update, the trade minister said all verified applicants would receive their grants in subsequent phases as the ministry continues to receive verified data from the states.
“The Presidential Conditional Grant Scheme started a few weeks ago. Each grant applicant receives N50,000 based on owning a nano business and verification using their Bank Verification Number and National Identification Number,” said Aniete.
The minister also noted that the grant is paid directly to beneficiaries’ accounts after proper verifications. The aim is to reach one million small businesses across the 774 LGs and the six council areas in the Federal Capital Territory.
“So far, about 100,000 small businesses have received the initial disbursement, with the target remaining one million,” the minister said.
This development comes eight months after President Tinubu announced the grant for manufacturers and small businesses, and two weeks after applicants were instructed to submit their NINs as part of the requirements to obtain the grant.
How to Apply
To apply for the N50k grant from Tinubu’s government, you’ll need to follow these steps:
Check Eligibility: Ensure your business qualifies as a nano business, meaning it has one or two workers and less than N3 million in annual turnover.
Gather Required Documents: Prepare necessary documents such as your Bank Verification Number (BVN) and National Identification Number (NIN).
Visit Official Channels: Keep an eye on official announcements from the government regarding the application process. This might be through government websites, social media accounts, or local government offices.
Complete Application: Once the application process opens, fill out the required forms accurately and submit them along with the necessary documents.
Await Verification: After submission, your application will undergo verification to confirm your eligibility and details.
Receive Grant: If your application is successful, the grant will be directly deposited into your bank account.
Stay Informed: Keep checking for updates on the status of your application and any further instructions from the government.
Remember to be vigilant for scams and only apply through official channels provided by the government
