FG begins disbursement of N50,000 trade grant to business owners
POLITICS DIGEST- The Federal Government has announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide.
Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on Tuesday in Abuja.
“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants.
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“It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases,” Uzoka said.
She maintained that the disbursement process is continuous, and not every applicant will get their grant on this first scheduled date.
She added that all verified applicants will eventually receive their grants in subsequent phases.
Recall that in December 2023, the Federal Government announced the Presidential Conditional Grant Scheme (PCGS) to empower nano businesses as part of the Presidential Palliatives Programme.
The Trade Grant Scheme, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.
The PCGS, targets 70% women and youths, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.
