Over 100,000 Nano-Businesses Receive N50,000 Disbursement through Presidential Trade Grants Scheme
The Federal Government’s Presidential Conditional Grant Scheme, aimed at supporting nano businesses across the country, has seen significant progress with over 100,000 businesses already receiving the initial disbursement of N50,000. This scheme, also known as the Trade Grants Scheme, was announced in December 2023 as part of the Presidential Palliatives Programme.
Nano businesses, defined as enterprises with one or two workers and less than N3 million in annual turnover, are the primary beneficiaries of this initiative. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed that the disbursement began a few weeks ago and will continue to be distributed to 1,291 nano businesses per Local Government.
The Trade Grant Scheme, which was initially scheduled to start on March 9, 2024, offers financial grants without repayment obligations to eligible small business owners in various sectors such as trading, food services, ICT, transportation, creative, and artisans. The funds, totaling N200 billion, are being disbursed through the Bank of Industry to support manufacturers and businesses nationwide.
In a recent update, the minister confirmed that verified applicants will receive their grants in subsequent phases as the ministry continues to receive verified data from the states. The disbursement process involves verifying applicants based on their Bank Verification Number and National Identification Number to ensure the funds reach legitimate nano businesses.
The ultimate goal of the scheme is to reach one million nano businesses across the 774 Local Governments in the country, with each local government having 1,291 beneficiaries. With approximately 100,000 businesses already benefiting from the scheme, the government remains committed to supporting small businesses and mitigating the impact of recent economic reforms on the business community.
This development comes after President Tinubu’s announcement of the grant for manufacturers and small businesses, highlighting the government’s efforts to provide much-needed support to businesses during challenging times. As the disbursement process continues, more nano businesses are expected to benefit from this initiative, ultimately contributing to the growth and sustainability of the small business sector in Nigeria.
