LAGOS, Nigeria (VOICE OF NAIJA) – The Nigerian government has unveiled the Presidential Conditional Grant Scheme (PCGS) aimed at supporting small businesses and petty traders as part of its Palliative Programme.
In a statement released by the Bank of Industry (BOI), it was revealed that the scheme offers grants to eligible small business owners across various sectors, including trading, food services, ICT, transportation, creatives, and artisans.
Noting that the grants come with no repayment obligations, the statement added that the scheme targets specific demographics, with 70 percent allocated to women and youth, 10 percent to people with disabilities, 5 percent to senior citizens, and the remaining 15 percent distributed among other demographics.
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“By focusing on this underserved group of business operators, the scheme aims to harness the potential of Nigeria’s growing entrepreneurial ecosystem to drive sustainable economic development at the grassroots level.
“The Ministry of Industry, Trade, and Investment oversees the implementation of the scheme, with the Bank of Industry (BOI) serving as the executing agency,” it stated.
According to the statement, approximately one million small businesses will receive about N50,000 per beneficiary across all the 774 local government areas and the six council areas of the Federal Capital Territory (FCT).
“Beneficiaries have been selected through a rigorous process, including business verification using their National Identification Number (NIN) and Bank Verification Number (BVN).
“Successful applicants must meet specific conditions, including owning a small business with promising economic potential, demonstrating a willingness to grow, and employing at least one staff member.
“Additionally, applicants are required to provide proof of residential or business address and relevant personal account information,” it stated.