The Nigerian government has announced that over 1,000 nano businesses are set to benefit from the Presidential Conditional Grant Scheme (PCGS), a N50 billion grant initiative aimed at supporting eligible nano business owners. The Ministry of Industry, Trade, and Investment disclosed that the grant will be disbursed to a minimum of 1,000 beneficiaries.
In a bid to provide extensive support to businesses across the country, the government has established three funds totaling N200 billion. These funds will be administered by the Bank of Industry (BOI) and will carry an interest rate of nine percent.
The three funds include the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund. Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, reiterated the institution’s commitment to the growth of Micro, Small, and Medium Enterprises (MSMEs), recognizing their significant contribution to the economy.
Emphasizing the details of the PCGS, Olusi highlighted that the grant will target nano businesses such as traders, food vendors, ICT businesses, transporters, artisans, and creatives, especially women and youths. Beneficiaries are not required to repay the grant, but they must meet certain eligibility criteria, including business registration, willingness to expand, and provision of necessary documentation for verification.
This initiative underscores the government’s efforts to empower MSMEs and foster economic growth across the nation.
