The Nigerian Federal Government has introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme to provide financial grants to qualifying small business operators.
Launched over the weekend, the PCGS aims to bolster nano businesses in various sectors, including trading, food services, information communications technology (ICT), transportation, creatives, and artisans.
The initiative, which provides financial grants free from repayment obligations, targets specific demographic groups, including 70% women and youths, 10% individuals with disabilities, 5% senior citizens, and 15% other demographic groups.
The PCGS seeks to support small businesses and unlock the potential of Nigeria’s entrepreneurial ecosystem, fostering sustainable economic development at the grassroots level.
The Bank of Industry (BOI) has been appointed as the executing agency for the funds, and the Federal Ministry of Industry, Trade, and Investment implements the initiative.
With a payment of N50,000 per beneficiary, the government hopes to reach one million small enterprises in the Federal Capital Territory (FCT) and its 774 local government areas (LGAs) and six council areas.
Rigorous verification was used in the beneficiary selection process, which included the use of Bank Verification Numbers (BVN) and National Identity Numbers (NIN).
Several requirements were met by the successful applicants, including having a small business with growth potential, being open to expansion, and hiring at least one more employee as needed.
Applicants also submitted documentation of their residential or company address, as well as pertinent bank account and personal details.
It is anticipated that the program will significantly improve the lives of small company owners across the country as well as their local communities.
