The Nigerian government has announced the conditions for the Presidential Conditional Grant Scheme (PCGS), a N50 billion grant scheme aimed at supporting eligible nano business owners. The scheme is expected to benefit over 1,000 nano businesses across the country.
To provide support to businesses nationwide, the Ministry of Industry, Trade, and Investment has established three funds totaling N200 billion.
The Bank of Industry (BOI) will be responsible for disbursing these funds, which will carry an interest rate of nine percent.
The three funds created by the Federal Government are the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund. Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, expressed the organization’s commitment to the growth of Micro, Small, and Medium Enterprises (MSMEs), recognizing their significant role in the economy.
The PCGS will specifically target nano businesses such as traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.
It is important to note that the grant component of the scheme does not require beneficiaries to repay the funds.
To be eligible for the grant, applicants must own a nano business and be willing to register a business name as their business grows.
Additionally, they must be prepared to hire at least one additional staff member if their business turnover increases.
Other requirements include providing proof of residential/business address in their Local Government Area, as well as relevant personal and bank account information, including Bank Verification Number (BVN) and National Identification Number (NIN) for identity verification.
It is crucial for interested parties to meet the application submission deadline for the scheme in order to be considered for the grant.
This article was updated 3 weeks ago