The federal government has launched a new grant scheme to support small businesses across the country.
The Presidential Conditional Grant Scheme (PCGS) is part of the Presidential Palliative Programme and focuses on nanotechnology enterprises.
It provides cash incentives without repayment restrictions to eligible small business owners in a variety of industries, including trading, food services, ICT, transportation, creatives, and artisans.
The Federal Ministry of Industry, Trade, and Investment is implementing the plan, which began last week, with the Bank of Industry serving as the executing agency.
According to a statement from the BOI, the PCGS targets 70% women and youth, 10% individuals with impairments, 5% senior folks, and 15% from other groups.
Beneficiaries receive N50,000 each under the initiative, and one million enterprises from the country’s 774 local government units are targeted.
“By focusing on the often-overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
“The N50, 000.00 grant per beneficiary will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
“With a target of one million beneficiaries in every LGA and the FCT, the program has the potential to impact communities nationwide significantly”, the statement reads.