The Ministry of Industry, Trade, and Investment under the Federal Government has announced that out of the 3.6 million applicants for the Presidential Conditional Grant Scheme, only one million will receive benefits. This initiative, which commenced on March 9, 2024, provides N50,000 grants to eligible small business operators in sectors like trading, food services, ICT, transportation, creatives, and artisans across the 774 local government areas of Nigeria.
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The scheme aims to allocate 70% of grants to women and youths, 10% to individuals with disabilities, 5% to senior citizens, and the remaining 15% to other demographics. According to information published by the ministry on its website through Frequently Asked Questions, the disbursement process prioritizes verification order rather than specific criteria. The objective is to distribute an estimated 1,290 grants per local government area, totaling one million beneficiaries nationwide.
Additionally, the ministry emphasized that the verification process was entirely digital, eliminating the need for further contact with individuals post-verification. Disbursements would occur automatically for those who passed verification.
Regarding the likelihood of all applicants receiving the grant, the ministry clarified, “No, out of over 3.6 million applicants, only one million will be granted. This allocation aligns with the budgetary provision for nano businesses. The verification process, which involved over three million applications, has been meticulous and consequently time-consuming, conducted in stages to reduce errors.”
The scheme specifically targets individuals with nano businesses aiming to expand and willing to formalize their businesses by hiring at least one additional person as their turnover increases. Requirements included personal and banking information such as BVN and NIN.
The application window closed on April 17, and disbursements are scheduled to resume at the end of May.