May 27, 2024

Federal Government Launches Conditional Grant Scheme

 

Federal Government has introduced the Presidential Conditional Grant Scheme (PCGS) under the Presidential Palliative Programme. The Bank of Industry, in a statement, outlined that the scheme aims to provide grants without repayment obligations to eligible small business owners operating in diverse sectors, including trading, food services, ICT, transportation, creatives, and artisans.

 

The PCGS is strategically designed to target specific demographics, with a focus on 70% women and youth, 10% people with disabilities, 5% senior citizens, and the remaining 15% distributed among other groups. By directing attention to these often-overlooked segments, the program aims to unlock the potential of Nigeria’s growing entrepreneurial ecosystem, fostering sustainable economic development at the grassroots level.

 

Implemented by the Federal Ministry of Industry, Trade, and Investment, the Bank of Industry serves as the executing agency for the initiative. The N50,000 grant per beneficiary will reach one million small businesses spread across the 774 local government areas and the six council areas in the Federal Capital Territory.

 

The selection process for beneficiaries involved thorough verification, including the scrutiny of National Identification Numbers and Bank Verification Numbers. Successful applicants were required to meet specific criteria, demonstrating ownership of a small business with progressive economic potential, a commitment to growth, and the capacity to engage at least one additional staff member when necessary.

 

Applicants were further required to provide proof of their residential/business address and relevant personal and bank account information, with the deadline for submissions set on December 18, 2023. The scheme is anticipated to significantly contribute to the grassroots economic upliftment and the overall development of nanobusinesses across the country.

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