The Federal Ministry of Industry, Trade and Investment has provided an update on the progress of the N50,000 grant program for nano businesses.
In a circular issued on Thursday on her X page, Doris Uzoka-Anite, Minister in charge of the programme, said that the disbursement of N50,000 grant is currently ongoing and slated for completion by the end of this month.
According to her, the application window for the scheme has closed, and disbursements are underway in batches.
She assured applicants that all remaining successful candidates will receive their alerts by the end of May, without the need for further action on their part.
“Many have already received their grants—thank you for your patience! For those waiting, please hold tight.
“The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now.
“The application portal was closed at midnight on April 17, 2024.
“The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024
“For those who missed out on the nanobusiness grant, you may be eligible for a single digit interest loan. Applications are still ongoing at fedgrantandloan.gov.ng,” she said.
Uzoka-Anite clarified that out of over 3.6 million applicants, only one million will be eligible to receive the grants, as the scheme is designed to cover such a number of beneficiaries.
She said the disbursements are processed based on the order in which applications are verified, aiming to distribute funds to an estimated 1,290 beneficiaries per local government area (LGA) nationwide.
The Minister explained that disbursements are contingent upon verification of National Identification Numbers (NIN), which became mandatory after the initial application phase.
“Disbursements aren’t based on any specific criteria but in the order, applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.
“Disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN. The selection is random, without human intervention, from those who have passed both their NIN and BVN verification.
“Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses,” Uzoka-Anite said.
The Presidential Conditional Grant Scheme (PCGS), unveiled by the Federal Government in December 2023, aims to support nano businesses through non-repayable financial grants.
The Trade Grant Scheme, which commenced on March 9, 2024, targets small business owners across various sectors.
With a focus on inclusivity, the PCGS plans to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, with the remaining 15% reserved for other demographics.
Uzoka-Anite emphasized the scheme’s potential to benefit communities nationwide, with a goal of reaching one million beneficiaries across the 774 LGAs and six council areas in the Federal Capital Territory (FCT).