The Presidential Conditional Grant Scheme, or PCGS, would help more than 1,000 nanobusinesses, according to information released by the Nigerian government.
The FG stated that the grant will be awarded to a minimum of 1,000 recipients under the PCGS, a N50 billion grant program designed to assist qualified nanobusiness entrepreneurs.
According to the Ministry of Industry, Trade, and Investment, three funds totaling N200 billion have been established to support companies across the nation.
The Bank of Industry, or BOI, will distribute these funds, which have a 9% interest rate.
The Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund are the three funds that the Federal Government established to assist different programs.
The Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi, highlighted in a statement BOI’s commitment to the expansion of MSMEs, acknowledging their critical role in the economy.
Olusi said, “The Presidential Conditional Grant Scheme (PCGS) is a N50 billion grant scheme to support eligible Nano Business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT.
“The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.
“This is the grant component of the initiative, as beneficiaries are not required to pay back. To be eligible, beneficiaries must own a Nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.
“They must also be willing to provide proof of residential/business address in their Local Government Area, provide relevant personal and bank account information, including but not limited to, Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.”
