The President Bola Tinubu-led administration has started a fresh grant initiative to bust small businesses in the country.
The initiative, known as the Presidential Conditional Grant Scheme (PCGS), is part of the Presidential Palliative Programme and targets small scale businesses.
It offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives and artisans.
The scheme which commenced last week, is being implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the executing agency.
According to a statement from the BOI, the PCGS targets 70 percent women and youth, 10 percent people with disabilities, five percent senior citizens, and 15 percent distributed to other demographics.
Under the scheme, beneficiaries are given N50,000 each and one million businesses across the 774 local government areas of the country are targeted.
“By focusing on the often-overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
“The N50, 000.00 grant per beneficiary will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
“With a target of one million beneficiaries in every LGA and the FCT, the program has the potential to impact communities nationwide significantly, the statement reads.
