The Federal Government of Nigeria has launched a new initiative to support small businesses adversely affected by subsidy adjustments. As part of the Presidential Conditional Grant Programme, the government is set to disburse N50,000 to nano businesses in all 774 local government areas.
The grant aims to support manufacturers, SMEs, MSMEs, and businesses adversely affected by subsidy adjustments.
The Minister of Industry, Trade and Investment, Ms Doris Uzok-Anite, outlined the disbursement plan, emphasizing collaboration with stakeholders, including state and local governments, federal legislators, and banks.
The Presidential Palliative Loan Programme will also disburse N75 billion to MSMEs and another N75 billion to manufacturers, administered at 9% annually.
The following businesses are eligible to apply for the scheme:
|Single retail marketers, corner shop owners, petty traders, market men and women in open markets
|Food and vegetable vendors
|Business center operators, battery chargers, recharge card vendors, call center agents
|Wheelbarrow pushers, independent dispatch riders
|Makeup artists, fashion designers, dry cleaners
|Vulcanizers, shoemakers, painters, repairers
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FG N50,000 Grants For Nano Business Application Process
- Own a nano business.
- Operate a business with progressive economic potential and desire to grow the business.
- Be willing to engage at least one additional staff member if turnover increases.
- Be willing to provide proof of residential/business address in the Local Government Area.
- For identity verification, provide relevant personal and bank account information, including Bank Verification (BVN).
- Meet the application submission deadline.