The federal government has officially kicked off the disbursement of the N50,000 Presidential Conditional Grant Scheme, popularly known as the Trade Grants Scheme, to nano businesses across Nigeria.
Nano businesses, defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3 million, are the primary beneficiaries of this initiative.
Minister of industry, trade, and investment, Doris Uzoka-Anite, announced this development yesterday in Abuja.
Uzoka-Anite revealed that the disbursement process has already commenced, with several beneficiaries having received their grants. The phased disbursement strategy ensures that the distribution of funds is gradual and systematic.
A significant disbursement is scheduled for Friday, April 19, 2024, where a substantial number of validated applicants will receive their grants. However, the minister emphasised that not all applicants will receive their grants on this initial date, as the disbursement process is ongoing.
She reassured all verified applicants that they will eventually receive their grants in subsequent phases and urged patience as the applications are diligently processed.
The Trade Grants Scheme, announced as part of the Presidential Palliatives Programme in December 2023, aims to empower nano businesses across various sectors such as trading, food services, ICT, transportation, creative arts, and artisans.
The scheme targets specific demographics, including 70 per cent women and youths, 10 per cent people with disabilities, 5 per cent senior citizens, and the remaining 15 per cent distributed to other groups.
Each beneficiary will receive a non-repayable grant of N50,000 directly into their accounts. The programme is set to impact one million small businesses across the 774 local government areas and six council areas in the Federal Capital Territory (FCT)
With a goal of reaching one million beneficiaries in every local government area and the FCT, Uzoka-Anite highlighted the potential of the programme to significantly uplift communities nationwide.
