More than 100,000 small businesses across the country got N50,000 each through the Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, says the beneficiaries are micro-businesses with one or two employees and annual turnover below N3 million. The disbursement, which began a few weeks ago, aims at 1,291 micro-businesses per Local Government area.
Started in December 2023 as part of the Presidential Palliatives Programme, the Federal Government allocated N200 billion to support micro-businesses. Originally scheduled for March 9, 2024, the Trade Grant Scheme targets sectors like trading, food services, ICT, transportation, creative arts, and artisans, offering non-repayable financial grants.
In a statement last Wednesday, the minister announced the start of distribution. However, she mentioned that verified applicants would receive grants in subsequent phases as the ministry continues to gather verified data from the states.
After verification based on criteria including owning a micro-business and validation through Bank Verification Number and National Identification Number, successful applicants receive N50,000 directly into their accounts.
Minister Uzoka-Anite aims to reach one million micro-businesses across the 774 Local Government areas and six council areas in the Federal Capital Territory. About 100,000 businesses have already received the initial disbursement, with ongoing efforts to reach the target of one million beneficiaries.
This development follows President Tinubu’s announcement eight months ago regarding grants for manufacturers and small businesses. It also follows a recent directive for applicants to submit their National Identification Numbers (NINs) to ease the impact of recent economic reforms on businesses in the country.
