Federal Government Begins Distribution of Trade Grants to Nano Businesses

The Federal Government has announced the commencement of the distribution of the N50,000 Presidential Conditional Grant Scheme, commonly referred to as the Trade Grants Scheme, to nano businesses nationwide.

Nano businesses, as defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), are enterprises with one or two employees and an annual turnover of less than N3 million.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed this information in a statement released on Tuesday in Abuja.

According to Uzoka-Anite, several beneficiaries have already received their grants, signaling the initiation of the phased disbursement approach.

Furthermore, the Minister noted that on Friday, April 19, 2024, a substantial number of validated applicants will receive significant grant amounts.

She clarified that the disbursement process will be ongoing, and not every applicant will receive their grant on the initial scheduled date.

In the meantime, Uzoka-Anite assured that all verified applicants will eventually receive their grants in subsequent phases.

• “We’re happy to tell you that the disbursement course of for the Presidential Conditional Grant Programme has formally commenced. Quite a lot of beneficiaries have already obtained their grants, marking the start of our phased disbursement technique.
• “By Friday, 19^th April 2024, a major disbursement will probably be made to a considerable variety of verified candidates.
• “It’s important to grasp that disbursements are ongoing, and never all candidates will obtain their grants on this preliminary date. Nevertheless, relaxation assured that each one verified candidates will finally obtain their grants in subsequent phases.
• “We ask to your endurance as we proceed to course of the purposes with the utmost diligence and equity.
• “The phased disbursement plan has been designed to make sure that every software is given the consideration it deserves,” she stated.

Backstory

Earlier in December 2023, the Federal Authorities introduced the Presidential Conditional Grant Scheme (PCGS) to empower nano companies as a part of the Presidential Palliatives Programme.

• The Commerce Grant Scheme, which initially was to take off on March 9, 2024, gives monetary grants, with out reimbursement obligations, to eligible small enterprise house owners working in numerous sectors, reminiscent of buying and selling, meals companies, ICT, transportation, artistic and artisans.
• The PCGS targets 70% girls and youths, 10% folks with disabilities, and 5% senior residents, with the remaining 15% distributed to different demographics.
• Based on the Minister of Business, Commerce and Funding, the N50,000 grant per beneficiary will probably be paid on to beneficiaries’ accounts and can attain a million small companies within the 774 native authorities areas (LGAs) and the six council areas within the Federal Capital Territory (FCT).
• With a goal of 1,000,000 beneficiaries in each native authorities and the FCT, Uzoka-Anite stated the programme has the potential to impression communities nationwide considerably.