The Federal Government has disbursed ₦1.3 billion under the Presidential Conditional Grant Scheme (PCGS) to support small enterprises in Borno State, reinforcing its commitment to empowering vulnerable groups and boosting local economies.
Governor Babagana Zulum, represented by Abubakar Muhammed, announced the initiative during a town hall meeting in Maiduguri. The scheme targets a wide range of small business operators, including traders, artisans, ICT professionals, eatery owners, and transporters across all 27 local government areas. Each beneficiary received ₦50,000 to enhance their businesses and improve their livelihoods.
The initiative, executed in collaboration with the Bank of Industry (BoI), is part of broader efforts to rebuild Borno’s economy following years of insurgency. “This program aligns with the federal government’s strategy to support post-insurgency recovery and foster economic stability,” Zulum stated.
Nationwide Impact of the Grant Scheme
Muktar Musa, BoI Manager in Maiduguri, highlighted the broader impact of the Presidential Conditional Grant Scheme. According to him, the federal government has disbursed over ₦40 billion nationwide, benefiting 810,945 individuals. In the North-East alone, ₦5.9 billion has been allocated, demonstrating the region’s priority in economic recovery efforts.
Musa noted that the scheme also plays a critical role in mitigating the economic effects of the recent removal of fuel subsidies, which has disproportionately affected small businesses.
Driving Economic Recovery and Stability
This intervention is aimed at empowering small businesses to generate employment, stimulate local economies, and support struggling communities. By ensuring equitable access to resources, the initiative positions small enterprises as key drivers of economic recovery and long-term stability.
The PCGS highlights the importance of strategic partnerships between government and financial institutions in addressing challenges faced by MSMEs in Africa. For many business owners in Borno and across the continent, such programs offer a lifeline for growth and resilience amid economic challenges.
This effort underscores the critical role of small businesses in Africa’s development journey, offering valuable lessons for other regions to replicate and scale up similar interventions.
