The Federal Government recently introduced the Presidential Conditional Grant Scheme (PCGS) aimed at supporting nano businesses across Nigeria as part of its Presidential Palliative Program. Here’s an in-depth look into the scheme:
Grant Details:
- Grant Amount: The grant sum per beneficiary is N50,000.00 (Fifty Thousand Naira).
- Scope: The program targets one million nano businesses across the 774 local government areas nationwide.
Selection Process:
- The Federal Government will collaborate with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives members to select beneficiaries based on specific criteria.
- Selection Criteria: 70% of beneficiaries will be women and youth, 10% people with disabilities, 5% senior citizens, and the remaining 15% distributed across other demographics.
Eligible Sectors:
The following sectors/businesses are eligible to apply for the PCGS:
- Traders: Single retail marketers, corner shop owners, petty traders, market men and women in open markets.
- Food Services: Food and vegetable vendors.
- ICT: Business center operators, battery chargers, recharge card vendors, and call center agents.
- Transportation: Wheelbarrow pushers and independent dispatch riders.
- Creatives: Makeup artists, fashion designers, and dry cleaners.
- Artisans: Vulcanizers, shoemakers, painters, and repairers.
How To Apply For Presidential Conditional Grant Scheme
Interested and qualified candidates are required to visit the official application portal to apply for the Presidential Conditional Grant Scheme. More information can also be found on the official website. The scheme commenced on March 9, 2024.
Minister’s Update:
The Minister of Trade, Industry, and Investment, Doris Uzoka-Anite, emphasized the necessity of linking the applicant’s National Identification Number (NIN) with their bank accounts in line with Central Bank of Nigeria regulations.
- Due to new regulations from the Central Bank of Nigeria, applicants are now required to link their national identification numbers (NIN) with their bank accounts.
- The Ministry currently does not have a record of the NINs of those who applied. Therefore all applicants will receive an SMS from ‘FGGRANTLOAN’ With instructions to submit this information via a
secure link. - This step is essential for the continuation of the application process. Only verified applicants will receive this notification, and NINs must match the applicant’s name for the process to proceed.
Conclusion:
The PCGS offers financial grants to eligible small business owners in Nigeria without repayment obligations. It represents a significant step towards supporting nano businesses and fostering economic growth in the country.