Category: Resources

The Federal Government has rolled out the Presidential Conditional Grant Scheme (PCGS) to empower Nano businesses as part of the Presidential Palliative Program.

Beginning on March 9, 2024, the scheme offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans. The PCGS targets 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.

By focusing on the often overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.

The N50,000.00 (Fifty Thousand Naira) grant per beneficiary paid directly to beneficiaries’ accounts will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT). With a target of 1,000,000  beneficiaries in every LGA and the FCT, the program has the potential to impact communities nationwide significantly.

Beneficiaries of the initiative have been selected through a rigorous process that includes the verification of each business owner through their National Identification Number (NIN) and Bank Verification Number (BVN).

The successful applicants met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engage at least one additional staff member when necessary. Applicants also provided proof of residential/business address and relevant personal and bank account information before the December 18, 2023 deadline.

The Presidential Conditional Grant Scheme underscores the government’s commitment to supporting small-scale entrepreneurs and driving inclusive economic growth. With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible impact on the lives of small business owners and their communities across Nigeria.

The initiative is implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the Executing Agency.

For more information about the Presidential Conditional Grant Scheme (PCGS), please visit the official website [https://grant.fedgrantandloan.gov.ng/].

The Federal Government of Nigeria through the Federal Ministry of Industry, Trade, and Investment (FMITI), has established three funds totaling N200,000,000,000 (Two Hundred Billion Naira) to support businesses across Nigeria: The Presidential Conditional Grant Scheme (PCGS); The FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund. The Bank of Industry (BOI) has been appointed as the executing agency of the funds, vested with the responsibility for its day-to-day administration.

The Presidential Conditional Grant Scheme (PCGS), is a N50,000,000,000 (Fifty Billion Naira) grant scheme to support eligible Nano Business owners. The Grant will be disbursed to a minimum of 1,000 beneficiaries (especially Women and Youths) per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 (six) Council Areas in the FCT. The target nano businesses include: Traders, Food Vendors, ICT businesses, Transporters, Artisans, Creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back. To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases; They must also be willing to provide proof of residential/business address in their Local Government Area, provide relevant personal and bank account information, including but not limited to Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.

The FGN MSME Intervention Fund, is a N75,000,000,000 (Seventy-Five Billion Naira) fund, for Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The fund would be used to support eligible micro, small and medium enterprises and serve as a cushion against the high cost of production, marketing and distribution of products arising mainly from infrastructure deficiencies and other ancillary factors involving MSMEs in Nigeria. Each beneficiary would receive a maximum of N1,000,000 (One Million Naira). The fund would be disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 3 years for equipment and working capital.

The FGN Manufacturing Sector Fund is a N75,000,000,000 (Seventy-Five Billion Naira) fund, that would be used to support eligible manufacturing companies and help cushion against the high and rising costs of production, marketing and distribution of products arising from infrastructural deficiencies and other ancillary factors affecting the manufacturing sector in Nigeria. Beneficiaries would receive up to N1billion (One Billion Naira), disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 5 years for term loans, and 1 year for working capital.

The MD/CEO, Bank of Industry, Dr. Olasupo Olusi, reiterated BOI’s commitment to the development of MSMEs as the bedrock of the economy, which is in line with His Excellency, President Bola Ahmed Tinubu’s Renewed Hope Agenda.