The Federal Government has distributed initial grants of N50,000 each to over 100,000 nano-businesses nationwide through the Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme.
**Eligibility and Criteria**
According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), nano-businesses have one or two employees and an annual turnover below N3 million. To qualify for the grants, applicants must be verified using their Bank Verification Number (BVN) and National Identification Number (NIN).
**Disbursement Details**
The disbursement, which began several weeks ago, aims to support 1,291 nano-businesses in each Local Government Area. The Trade Grants Scheme was launched in December 2023 with a N200 billion fund allocated through the Bank of Industry.
**Target and Progress**
The scheme targets one million nano-businesses across the country, with 100,000 businesses having received initial grants so far. The disbursement is ongoing, and verified applicants will receive grants in subsequent phases as the Ministry of Industry, Trade and Investment receives verified data from the states.
**Purpose of the Scheme**
The Presidential Conditional Grant Scheme aims to mitigate the impact of recent economic reforms on businesses. The grants are provided without repayment obligations to support small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans. CONTINUE READING
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