At least 100,000 very small businesses all over the country have received the first payment of N50,000 under the Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, shared the number in a private conversation with our reporter on Friday.
Nano businesses are businesses that have one or two employees and less than an annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria.
The minister, communicated through her assistant, Terfa Gyado, verified that the disbursement started a few weeks ago and will be given to 1,291 nano businesses per Local Government.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme to support nano businesses as part of the Presidential Palliatives Programme.
They announced that a total of N200 billion would be distributed through the Bank of Industry to help manufacturers and businesses across the country.
The Trade Grant Scheme, initially scheduled to begin on March 9, 2024, provides financial grants, without repayment obligations, to qualified small business owners in various sectors such as trading, food services, ICT, transportation, creative and artisans.
On Wednesday, the minister confirmed in a statement that the distribution had started.
However, providing an update in the conversation, the trade minister mentioned that all verified applicants will receive their grants in subsequent phases as the ministry continues to receive verified data from the states.
Aniete stated, “The Presidential Conditional Grant Scheme began a few weeks ago and the first batch has received disbursements. Each grant applicant receives N50,000 while the applicants are assessed based on 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.
Furthermore, the minister stated that 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 goal is to reach one million nano businesses across the 774 Local Governments across the Federation, which means a total of 1,291 nano businesses per local government will be covered.
“So far, about 100,000 small businesses have received 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. It is an ongoing process,” the minister stated.
This development comes eight months after President Tinubu announced the grant for manufacturers and small businesses, and two weeks after applicants were directed to submit their NINs as part of the requirements to obtain the grant aimed at lessening the impact of recent economic reforms on businesses in the country.
