FG launches Presidential Conditional Grant Scheme for small businesses

The Federal Government has recently launched the Presidential Conditional Grant Scheme aimed at empowering nano businesses as part of the Presidential Palliative Programme.

This scheme, as announced by the Bank of Industry, will provide grants to eligible small business owners in sectors such as trading, food services, ICT, transportation, creatives, and artisans, without the obligation of repayment.

The PCGS is specifically targeting 70 percent women and youth, 10 percent people with disabilities, 5 percent senior citizens, and the remaining 15 percent to other demographics.

Implemented by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry as the executing agency, the initiative will provide a N50,000 grant to each beneficiary.

The goal is to reach one million small businesses across the 774 local government areas and six council areas in the Federal Capital Territory.

Beneficiaries were selected through a thorough verification process, including the use of their National Identification Number and Bank Verification Number.

Successful applicants had to meet specific criteria, such as owning a small business with economic potential, a willingness to grow, and the ability to hire additional staff when needed.

Applicants also had to provide proof of their residential or business address, as well as relevant personal and bank account information before the December 18, 2023, deadline.