Thousands of small-scale business owners across Kogi State have begun receiving the Bank of Industry (BOI) NANO Grant of ₦50,000, a federal-backed initiative designed to stimulate micro-entrepreneurship, reduce poverty, and enhance local economic participation.
The grant, which is part of the Federal Government’s broader financial inclusion strategy for nano and informal businesses, is already making an impact among market women, artisans, street vendors, petty traders, and youth-run micro-enterprises in both urban and rural areas of the state.
According to the Kogi State Government, the disbursement comes at a crucial time when many residents are grappling with rising living costs and limited access to formal credit. “This support means a lot. It’s timely, and it’s already restoring hope to many households,” a government spokesperson said while monitoring the rollout.
The ₦50,000 grant is not a loan and does not require repayment. It is aimed at helping nano businesses—those with very low capital and little or no access to banking services—to either expand operations or stabilize their daily activities. Eligible recipients were selected after a detailed enumeration and verification process carried out jointly by the Bank of Industry and local government authorities across the state.
The grant covers diverse informal businesses such as food vendors, tailors, carpenters, hairdressers, mechanics, pepper sellers, and mobile phone repairers. For many of these micro-entrepreneurs, the capital injection is expected to go into purchasing equipment, stocking goods, or meeting short-term business needs that often stall growth.
Beneficiaries across local government areas including Lokoja, Kabba/Bunu, Okene, Dekina, and Idah have expressed gratitude, saying the funds came at a time when access to finance remains a major hurdle for grassroots enterprise.
A pepper seller in Lokoja, who received the ₦50,000 grant, shared her excitement: “I’ve never received this kind of support before. Now I can restock my goods and buy a bigger grinding machine. This will really help my family.”
The initiative aligns with the federal government’s mission to empower at least one million nano businesses nationwide under its Micro, Small and Medium Enterprises (MSME) intervention framework. The NANO Grant programme is being implemented by the Bank of Industry in partnership with state governments to ensure efficient targeting and transparency.
Kogi State officials have assured that monitoring teams will continue to follow up with beneficiaries to assess how the funds are being used and provide additional advisory support when necessary.
The grant is part of a broader wave of MSME interventions aimed at improving livelihoods, deepening financial access for unbanked populations, and building economic resilience in Nigeria’s informal sector.
As the programme progresses, many in Kogi hope that the grant will not only revive small businesses but also lay the foundation for larger-scale support, enterprise development, and policy inclusion for nano entrepreneurs in the state.
