The Minister of Industry, Trade, and Investment of the Federal Republic of Nigeria, Honorable Doris Nkirukw Uzoka, has provided guidance on the application process for entrepreneurs seeking to benefit from the Presidential Conditional Grant Scheme.
Here are the key details:
Scheme Overview
- Launched by the Federal Government, the scheme aims to alleviate economic challenges following the removal of fuel subsidies.
- Targeted at nano businesses, defined as enterprises with one or two workers and an annual turnover of less than N3 million.
- Each beneficiary is entitled to receive N50,000 under the scheme.
- The initiative aims to reach one million small businesses across the 774 local government areas of Nigeria and the six council areas in the Federal Capital Territory (FCT).
Application Period
- The Presidential Conditional Grant Scheme application process commenced recently and is set to close at midnight on April 17, 2024.
- Doris emphasized the urgency, urging interested parties not to miss the opportunity: “Don’t miss your chance—applications CLOSE at midnight tonight, April 17, 2024.”
How to Apply
- Interested individuals are advised to apply promptly through the official application portal at fedgrantandloan.gov.ng.
- The eligibility requirements must be met to qualify for consideration.
Eligibility Criteria
To be eligible for the scheme, applicants must:
- Own a nano business.
- Demonstrate potential for economic growth.
- Plan to expand the workforce in case of increased turnover.
- Provide proof of address within their Local Government Area (LGA).
- Supply personal and bank details, including the Bank Verification Number (BVN) and National Identification Number (NIN).
Doris Nkirukw Uzoka underscored the importance of timely application and encouraged eligible entrepreneurs to take advantage of the opportunity provided by the Presidential Conditional Grant Scheme.