N50,000 presidential grant: 100,000 small businesses benefit in first phase

N50,000 presidential grant: 100,000 small businesses benefit in first phase

A total of 100,000 small businesses across the country have so far received a presidential grant of N50,000 under the first phase of the Trade Grants Scheme.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this, adding that one million nano businesses would benefit from the scheme.

A report by Saturday Punch quoted the minister as saying this through her aide, Terfa Gyado, in an interview with the newspaper.

Newstrends notes that the grant aimed at driving sustainable economic growth at the grassroots level will be disbursed with 70 per cent going to women and youths, 10 per cent individuals with disabilities, and five per cent senior citizens, and the remaining 15 per cent allocated to other groups.

Bank of Industry (BOI) was appointed as the executing agency for the funds.

The minister said the disbursement which began a few weeks ago would be distributed to 1,291 nano businesses in each of the 774 local governments in the country.

The Federal Government in December announced the Presidential Conditional Grant Scheme to empower small businesses as part of the Presidential Palliatives Programme.

It said a total of N200 billion would be disbursed through the BoI to support manufacturers and businesses across the country.

Aniete, giving an update on the scheme, said all verified applicants would receive their grants in subsequent phases.

The minister said, “The Presidential Conditional Grant Scheme kicked off a few weeks back and disbursement has been made to the first batch.

“Each grant applicant gets N50,000 while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number and their National Identification Number.

“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.”

The minister said the grant was paid directly to beneficiaries’ accounts after proper verifications with a target to reach one million small businesses in the 774 LGs and the six council areas in the Federal Capital Territory.

“The target is for one million nano businesses across the 774 local governments across the federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.

“So far, the disbursement has hit about 100,000 small businesses and they have got the initial disbursement and the target remains one million. “Disbursement is still ongoing and we are still waiting for data from across all the states and it is an ongoing process.”