The Federal Ministry of Industry, Trade, and Investment has confirmed that the disbursement of the N50,000 Presidential Grant for nano businesses is ongoing, with the process expected to conclude Soon. The grant, aimed at alleviating economic hardships caused by recent policy reforms, targets one million beneficiaries across Nigeria’s 774 local government areas.
The program, which focuses on women, youth, people with disabilities, and senior citizens, will distribute N50,000 per selected beneficiary, with an emphasis on empowering nano businesses. Out of nearly four million applications, only one million individuals will receive the grant.
Key Target Groups
The selection process prioritizes vulnerable groups:
70% allocated to women and youth
10% to people with disabilities
5% to senior citizens
15% distributed to other demographics
The Federal Government, in collaboration with state governments, NASME, ministers, and lawmakers, is overseeing the shortlisting process, ensuring that beneficiaries are selected from each local government area.
Disbursement in Batches
According to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, the grant disbursement has been structured in batches. She reassured applicants that no further action is required from them, as the verification process is automated, based on the National Identification Number (NIN) and Bank Verification Number (BVN). The Ministry is committed to ensuring transparency in the selection process, which is free from human intervention.
Beneficiaries are being selected based on NIN and BVN verification, and disbursements are progressing, with many business owners already receiving their grants. As of yesterday, no fewer than 50 business owners have confirmed receiving their alerts.
Beneficiaries’ Experience
One beneficiary shared that the selection process appears to involve individuals who completed their registration at local government offices after receiving messages from the Federal Government earlier this year. Another recipient stated they applied through the MSME Africa platform and completed the necessary capturing process at their local government area.
Both beneficiaries expressed excitement about receiving the funds, emphasizing the importance of such financial support for small business owners in the current economic climate.
What’s Next?
The N50,000 Presidential Grant is part of a broader initiative by the Nigerian government to support small-scale enterprises and strengthen the country’s economic recovery efforts. With the disbursement process still ongoing, many hopeful applicants are eagerly awaiting their turn to receive the grant, which aims to help nano businesses sustain operations and grow.
Stay tuned to MSME Africa for more updates on the grant disbursement and further details on the program.
