The Federal Government of Nigeria has announced the rollout of the Presidential Conditional Grant Scheme (PCGS) aimed at empowering nano businesses as part of the Presidential Palliative Programme. This scheme, as detailed in a statement by the Bank of Industry, offers grants without repayment obligations to eligible small business owners across various sectors.
The PCGS targets small business owners operating in sectors such as trading, food services, ICT, transportation, creatives, and artisans. Notably, 70 percent of the scheme’s beneficiaries are women and youth, with an additional 10 percent allocated to people with disabilities, 5 percent to senior citizens, and the remaining 15 percent distributed to other demographics.
By focusing on this often-overlooked group of business owners, the program aims to unleash the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
Implemented by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry serving as the executing agency, the initiative provides a N50,000 grant per beneficiary. The scheme is set to benefit one million small businesses across the 774 local government areas and the six council areas in the Federal Capital Territory.
Beneficiary selection for the initiative has been carried out through a meticulous process, involving the verification of each business owner’s National Identification Number and Bank Verification Number.
This launch signifies the government’s commitment to supporting and uplifting small businesses, particularly those at the grassroots level, by providing them with much-needed financial assistance. The PCGS is expected to contribute significantly to job creation, poverty alleviation, and overall economic growth and stability in Nigeria.
