The Nigerian Federal Government, through the Ministry of Industry, Trade, and Investment, is introducing two new programs: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
Minister Dr. Nkiruka Uzoka-Anite stated that these initiatives aim to mitigate the impact of fuel subsidy removal. Nano businesses will receive a grant of N50,000, while MSMEs and manufacturers can access loans of up to N1 million and N1 billion, respectively. The beneficiaries include 70% women and youth, 10% people with disabilities, 5% senior citizens, and the remaining 15% for other groups.
Who Can Apply?
Businesses that fall into the six categories below can apply.
1. Traders
2. Food services
3. ICT
4. Transportation
5. Creatives (makeup artists, fashion designers and dry cleaners.)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.