Trade Minister Announces ₦50,000 Presidential Grant For 100,000 Businesses In Palliative Effort

Trade Minister Announces ₦50,000 Presidential Grant For 100,000 Businesses In Palliative Effort....KINDLY READ THE FULL STORY HERE▶

Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has announced the initiation of a ₦200 billion grant distribution by the federal government to support nano businesses nationwide. The disbursement, which commenced a few weeks ago, aims to benefit approximately 1,291 nano businesses per local government area, as revealed by the Minister’s aide, Terfa Gyado.

The grant, facilitated through the Bank of Industry, encompasses sectors such as trading, food services, ICT, and transportation. Originally unveiled in December 2023, the Presidential Conditional Grant Scheme targets the provision of financial assistance to one million small businesses across the Federal Capital Territory’s 774 local governments and six council areas.

Minister Uzoka-Anite outlined, “Each grant recipient is entitled to ₦50,000, subject to verification through their Bank Verification Number (BVN) and National Identification Number (NIN).” The meticulous disbursement process ensures direct deposit of grants into beneficiaries’ accounts following thorough validation.

“Currently, around 100,000 small businesses have received the initial disbursement,” Uzoka-Anite disclosed, with the overarching goal being to reach one million businesses. This financial relief comes amidst ongoing economic reforms aimed at alleviating the challenges faced by small-scale business proprietors.

The Minister emphasized that as the scheme progresses, subsequent phases of funding will be implemented to ensure comprehensive coverage across the nation.

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