As part of the Presidential Palliative Program, the Federal Government claims to have launched a Presidential Conditional Grant Scheme to empower nanobusinesses.
The Bank of Industry said in a statement that the program provides grants to qualified small business owners that operate in a variety of industries, including trade, food services, ICT, transportation, creative industries, and artisan industries, with no return obligations.
Seventy percent of the PCGS is aimed toward women and young people, ten percent at-risk individuals, and five percent at senior folks. The remaining fifteen percent is allocated to other demographic groups.
The Federal Ministry of Industry, Trade and Investment is in charge of carrying out the program, and the Bank of Industry serves as its executing organization.
One million small enterprises in the six council areas and the 774 local government areas of the Federal Capital Territory would receive the N50,000 award each recipient.
The National Identity Number and Bank Verification Number of each business owner were used in the selection process to confirm who will benefit from the project.
The requirements for successful applicants include having a small business with growth potential, being willing to expand, and hiring at least one more employee as needed.
Before December 18, 2023, applicants additionally had to submit documentation of their residential or company address, as well as pertinent personal and bank account details.