The Nigerian Federal Government has commenced the rollout of the Presidential Conditional Grant program. Announced on April 16, 2024, by the Federal Ministry of Industry, Trade, and Investment, this initiative targets nano businesses particularly hit by the recent fuel subsidy removal.
Nano businesses, defined as enterprises employing one to two workers and generating less than N3 million in annual turnover, are the primary beneficiaries of this grant. Each qualifying business is set to receive N50,000 to support their operations amid economic challenges.
According to the Ministry, the disbursement process began this week, with a number of recipients already benefitting from the program. This initial phase is part of a broader, phased strategy to ensure fair and comprehensive distribution across the country.
“The disbursement of the Presidential Conditional Grant has officially started, with several beneficiaries already receiving their grants,” stated a representative from the Ministry. “This marks a pivotal step in our phased strategy to support small businesses across the nation.”
In collaboration with telecommunications providers, the Ministry has also addressed early technical delays, ensuring the smooth continuation of applications and verifications through NIN shortcodes.
Further disbursements are scheduled for April 19, 2024, aiming to reach a substantial number of verified applicants. While not all applicants will receive their grants in this initial wave, the government assures that all verified businesses will eventually receive support in subsequent phases.
The scheme aims to reach approximately one million small businesses across Nigeria’s 774 local government areas and the six council areas of the Federal Capital Territory (FCT). This extensive reach underscores the government’s commitment to fostering economic growth and sustainability at the grassroots level, supporting the most vulnerable sectors during these challenging economic times.
This initiative is a cornerstone of President Bola Tinubu’s administration’s efforts to enhance the economic well-being of Nigerian citizens and boost the vitality of the nation’s economy.
