The Bank of Industry (BOI) has confirmed the disbursement of more than N37.8 billion through the Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme. So far, 774,593 individuals and businesses have benefited from the initiative, aimed at supporting Nigeria’s smallest enterprises, with a target of reaching 1 million beneficiaries.
Under the scheme, each recipient receives a grant of N50,000 to help scale their business. Administered by the Ministry of Industry, Trade, and Investment, the program is facilitated by BOI. The bank emphasized that the scheme empowers nano businesses across Nigeria, providing essential financial support to drive growth and economic resilience.
Who Benefits?
The initiative targets a wide range of nano businesses across various sectors, including:
Traders: Small retail marketers, corner shop owners, petty traders, and market vendors.
Food Services: Food and vegetable vendors.
ICT: Business center operators, battery chargers, recharge card vendors, and call center agents.
Transportation: Wheelbarrow pushers and independent dispatch riders.
Creatives: Makeup artists, fashion designers, and dry cleaners.
Artisans: Vulcanizers, shoemakers, painters, and repairers.
By focusing on these diverse groups, the Trade Grant Scheme plays a crucial role in promoting economic growth at the grassroots level, ensuring that Nigeria’s smallest enterprises have the financial backing needed to thrive amidst economic challenges.
