Federal Government Distributes ₦50,000 Presidential Grant To 100,000 Businesses

Federal Government Distributes ₦50,000 Presidential Grant To 100,000 Businesses

Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has announced the commencement of the distribution of a ₦200 billion grant by the federal government to bolster nano businesses across Nigeria. The grant, which aims to support small-scale enterprises, has already impacted approximately 100,000 businesses…….READ ALSO Federal Government Tests E-Gate System At Abuja International Airport

Speaking through her aide, Terfa Gyado, Minister Uzoka-Anite explained that the funds, facilitated through the Bank of Industry, started being disbursed a few weeks ago. The grant targets about 1,291 nano businesses per local government area, spanning sectors such as trading, food services, ICT, and transportation.

Initially unveiled in December 2023, the Presidential Conditional Grant Scheme seeks to provide financial assistance to one million small businesses across the Federal Capital Territory’s 774 local governments and six council areas.

Under the scheme, each grant recipient receives ₦50,000, with eligibility determined through verification using their Bank Verification Number (BVN) and National Identification Number (NIN). The disbursement process ensures direct deposits into the beneficiaries’ accounts following thorough verification.

Minister Uzoka-Anite emphasized that about 100,000 small businesses have already received the initial disbursement, with the ultimate goal of reaching one million businesses.

This financial support comes as a welcome relief amidst ongoing economic reforms aimed at addressing the challenges faced by small-scale business owners. Minister Uzoka-Anite assured that additional phases of funding would be rolled out as the scheme progresses to ensure widespread impact across the country.