FG disburses N27.2 billion in nano business grants

The federal government has disbursed N27.2 billion to support small businesses between April and June 2024 as part of the trade grant initiative. This information comes from the Presidential Conditional Grant Scheme (PCGS) portal as of June 30, 2024.

During this period, 545,830 individuals across Nigeria’s 774 local government areas (LGAs) received N50,000 each for their nano businesses. The Ministry of Industry, Trade, and Investment managed these disbursements.

The initiative, which started in April, aims to reach 1 million beneficiaries. So far, it has assisted just over 500,000 people, leaving more than 400,000 still waiting.

Minister of Industry, Trade, and Investment Doris Uzoka-Anite noted that almost 4 million Nigerians registered for the grant, but only 1 million will be accommodated. She confirmed that about 60% of eligible applicants have received their funds.

“The disbursement process is ongoing, and we have allocated about 60% of the 1 million grants. You can track the number of beneficiaries per LGA paid so far on the PCGS portal,” Uzoka-Anite said.

She explained that the selection process is random and computer-generated, ensuring equal chances for all applicants. “Although almost 4 million applied, only 1 million can receive the grant. The selection is random, not based on who applied first,” she added. While future social intervention programs may be launched, no new initiatives are currently planned.

The nano businesses targeted by the scheme include:

Traders: Retail marketers, corner shop owners, petty traders, and market vendors.
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.

The PCGS, also known as the Trade Grant Scheme, is part of the Presidential Palliatives Programme aimed at supporting small businesses after the subsidy removal. Announced in December 2023, payments to beneficiaries began in April 2024.

The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, 5% to senior citizens, and 15% to other groups.

So far, over 500,000 individuals have benefited from the initiative, with more than 400,000 still awaiting their grants.