FG to distribute 70% of its N150bn Presidential Conditional grant Scheme to women, small business owners
FG to distribute 70% of its N150bn Presidential Conditional grant Scheme to women, small business owners
The Federal Government has said that the N150 billion Naira newly unveiled Presidential Conditional Grant Scheme for Nano business will target 70 percent women and youth.
A statement by the federal government said 10 percent of the grant will go for people with disabilities, five percent to senior citizens, while 15 percent will be distributed to other demographics.
It is part of Presidential Palliative Programme to curb the level of hardship the country is currently facing.
The scheme, which commenced last weekend, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives and artisans.
It is being implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the executing agency.
The agency explained that the PCGS targets 70 percent women and youth, 10 percent people with disabilities, five percent senior citizens, and 15 percent distributed to other demographics.
According to the statement, by focusing on the often-overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
It said the N50, 000.00 grant per beneficiary will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
The program has the potential to impact communities nationwide significantly with a target of one million beneficiaries in every LGA and the FCT.
