The Nigerian Government has introduced Presidential Conditional Grant Scheme (PCGS) for Nano Businesses.
The Federal Government has launched the Presidential Conditional Grant Scheme (PCGS) as a component of the Presidential Palliative Programme to empower nano businesses.
The scheme, initiated over the weekend, offers financial grants, free of repayment obligations, to eligible small business owners operating in various sectors, including trading, food services, ICT, transportation, creatives, and artisans.
The PCGS aims to target specific demographic groups, allocating 70% of its resources to women and youth, 10% to people with disabilities, 5% to senior citizens, and distributing the remaining 15% among other demographics.
Driving Economic Development at the Grassroots Level
By targeting often-overlooked business owners, the program seeks to unleash Nigeria’s entrepreneurial potential and foster sustainable economic growth at the grassroots level.
The initiative is being implemented by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry serving as the executing agency.
Nationwide Impact
The government has earmarked a N50,000 grant per beneficiary, aiming to reach one million small businesses across the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
With a goal of impacting one million beneficiaries in each LGA and the FCT, the program has the potential to significantly transform communities nationwide.
Rigorous Selection Process
Beneficiaries have been selected through a rigorous process involving verification of their National Identification Number (NIN) and Bank Verification Number (BVN).
Successful applicants met specific criteria, including owning a small business with progressive economic potential, demonstrating a willingness to grow, and committing to engaging additional staff when necessary.
Applicants also provided evidence of residential/business address and relevant personal and bank account information by the December 18, 2023 deadline.
Government Commitment to Inclusive Growth
The Presidential Conditional Grant Scheme underscores the government’s dedication to supporting small-scale entrepreneurs and fostering inclusive economic development.
With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible difference in the lives of small business owners and their communities nationwide.