The Federal Government of Nigeria has introduced a dedicated application portal for the Presidential Conditional Grant for Nano Businesses as part of the broader Presidential Palliative Program. In collaboration with state governments, honorable ministers, the National Association of Small and Medium Enterprises (NASME), senators, and House of Representatives members, the government aims to provide a grant of N50,000.00 to one million nano businesses spread across the 774 local government areas.
The selection process will involve specific criteria, with a focus on inclusivity. Seventy percent of the beneficiaries will be women and youth, 10% people with disabilities, and 5% senior citizens. The remaining 15% will be allocated to other demographics based on defined parameters.
This initiative was highlighted by the Minister of Industry, Trade, and Investment, Ms. Doris Uzok-Anite, in a statement released through InfoStride News. The program comprises two components: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, targeting manufacturers, SMEs, MSMEs, and various businesses.
Ms. Uzok-Anite detailed, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.” She emphasized the collaborative efforts involving the Federal Ministry of Industry, Trade and Investment, the Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other stakeholders.
To be eligible for the grant, nano business beneficiaries must be willing to provide proof of residential or business address in their local government area. Additionally, they are required to furnish relevant personal and bank account information, including the Bank Verification Number, for identity verification.
The sectors targeted by the scheme encompass a wide range of businesses, including traders (such as single retail marketers, corner shop owners, petty traders, and market men and women in open markets), food services (food and vegetable vendors), ICT (business centre operators, battery chargers, recharge card vendors, and call centre agents), transportation (wheelbarrow pushers and independent dispatch riders), creatives (makeup artists, fashion designers, and dry cleaners), and artisans (vulcanizers, shoemakers, painters, and repairers).
The key timelines for the scheme are as follows:
**N50 Billion Grants for Nano Businesses (3 Months)**
– Start Date: October 10, 2023
– Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification
– Continuous fund disbursement from December 12, 2023
**N75 Billion Loans: MSMEs and Manufacturers**
– Start Date: October 10, 2023
– Duration: 6 weeks planning, continuous call to entry
– Revolving fund disbursement from December 5, 2023
– Repayments starting from June 5, 2024
Interested parties can apply through the provided application portal, ensuring timely submission to participate in this impactful initiative.
The Federal Government of Nigeria has introduced a dedicated application portal for the Presidential Conditional Grant for Nano Businesses as part of the broader Presidential Palliative Program. In collaboration with state governments, honorable ministers, the National Association of Small and Medium Enterprises (NASME), senators, and House of Representatives members, the government aims to provide a grant of N50,000.00 to one million nano businesses spread across the 774 local government areas.
The selection process will involve specific criteria, with a focus on inclusivity. Seventy percent of the beneficiaries will be women and youth, 10% people with disabilities, and 5% senior citizens. The remaining 15% will be allocated to other demographics based on defined parameters.
This initiative was highlighted by the Minister of Industry, Trade, and Investment, Ms. Doris Uzok-Anite, in a statement released through InfoStride News. The program comprises two components: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, targeting manufacturers, SMEs, MSMEs, and various businesses.
Ms. Uzok-Anite detailed, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.” She emphasized the collaborative efforts involving the Federal Ministry of Industry, Trade and Investment, the Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other stakeholders.
To be eligible for the grant, nano business beneficiaries must be willing to provide proof of residential or business address in their local government area. Additionally, they are required to furnish relevant personal and bank account information, including the Bank Verification Number, for identity verification.
The sectors targeted by the scheme encompass a wide range of businesses, including traders (such as single retail marketers, corner shop owners, petty traders, and market men and women in open markets), food services (food and vegetable vendors), ICT (business centre operators, battery chargers, recharge card vendors, and call centre agents), transportation (wheelbarrow pushers and independent dispatch riders), creatives (makeup artists, fashion designers, and dry cleaners), and artisans (vulcanizers, shoemakers, painters, and repairers).
The key timelines for the scheme are as follows:
**N50 Billion Grants for Nano Businesses (3 Months)**
– Start Date: October 10, 2023
– Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification
– Continuous fund disbursement from December 12, 2023
**N75 Billion Loans: MSMEs and Manufacturers**
– Start Date: October 10, 2023
– Duration: 6 weeks planning, continuous call to entry
– Revolving fund disbursement from December 5, 2023
– Repayments starting from June 5, 2024
Interested parties can apply through the provided application portal, ensuring timely submission to participate in this impactful initiative.
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