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SME Guide

New Grant Program Empowers Nigerian Small Businesses in Key Sectors

The Federal Government of Nigeria (FG) has launched the Presidential Conditional Grant Scheme (PCGS), a new initiative designed to support and empower micro-businesses (nanobusinesses) across the country. This program is part of the broader Presidential Palliative Programme.

Grant Opportunities for Diverse Businesses

Administered by the Federal Ministry of Industry, Trade and Investment (FMITI) with the Bank of Industry (BOI) serving as the executing agency, the PCGS offers non-repayable grants of N50,000 to eligible small business owners. The program targets a wide range of sectors crucial to Nigeria’s economic growth, including:

  • Trading
  • Food Services
  • Information and Communication Technology (ICT)
  • Transportation
  • Creative Industries
  • Artisanal Trades

Promoting Inclusive Growth

The PCGS prioritizes inclusivity, aiming to reach one million beneficiaries across all 774 local government areas (LGAs) and the six area councils within the Federal Capital Territory (FCT). The program specifically targets:

  • 70% Women and Youth: Recognizing the critical role of these demographics in entrepreneurship.
  • 10% People with Disabilities: Fostering equal opportunities for economic participation.
  • 5% Senior Citizens: Supporting experienced business owners.
  • 15% Other Demographics: Ensuring broad program reach.

Unlocking Entrepreneurial Potential

By focusing on micro-enterprises, the PCGS aims to unlock the immense potential of Nigeria’s burgeoning entrepreneurial ecosystem. This initiative is expected to drive sustainable economic development at the grassroots level, fostering job creation and financial empowerment within communities.

Eligibility and Selection

Applications for the PCGS closed on December 18, 2023. Beneficiaries were rigorously selected based on specific criteria, including:

  • Ownership of a viable nanobusiness with growth potential.
  • Commitment to business expansion and potential hiring of additional staff.
  • Proof of residency and business location within the designated LGA.
  • Valid National Identification Number (NIN) and Bank Verification Number (BVN) for identity verification.

Positive Impact on Nigerian Economy

The PCGS represents a significant step towards empowering small businesses and fostering inclusive economic growth in Nigeria. This program is well-positioned to contribute to the nation’s long-term economic prosperity.

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