Bank of Industry confirms disbursement of N38.7 billion to nano businesses under trade grant scheme
The Bank of Industry (BOI) has confirmed the disbursement of over N37.8 billion through the Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme.
In a circular released on Sunday, BOI disclosed that a total of 774,593 individuals and businesses have benefited from the scheme so far.
The Presidential Conditional Grant Scheme is a palliative initiative designed for nano businesses, with a target of reaching 1 million beneficiaries, each receiving N50,000.
The scheme Is administered under the Ministry of Industry, Trade and Investment, with the Bank of Industry facilitating the process.
“The disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, empowering nano businesses across Nigeria to scale their businesses,” the Bank said in a statement.
Business targeted under the Scheme
The nano businesses targeted under the scheme include:
Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
Food Services: Food and vegetable vendors.
ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents.
Transportation: Wheelbarrow pushers and independent dispatch riders.
Creatives: Makeup artists, fashion designers, and dry cleaners.
Artisans: Vulcanizers, shoemakers, painters, and repairers.
What you should know
- The Presidential Conditional Grant Scheme (PCGS), also referred to as the trade grant scheme, is part of the Presidential Palliatives Programme designed to assist small businesses in the wake of the subsidy removal.
- Initially announced in December 2023, the federal government began disbursing funds to beneficiaries in April 2024.
- The PCGS is structured to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, 5% to senior citizens, and the remaining 15% to other groups.
- To date, more than 700,000 people have benefited from the scheme, while over 200,000 applicants are still awaiting their grants.
