Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has revealed that the federal government has commenced the distribution of a ₦200 billion grant to bolster nano businesses across Nigeria.
Speaking through her aide, Terfa Gyado, Minister Uzoka-Anite, detailed that the funds, which started being disbursed a few weeks ago, would impact approximately 1,291 nano businesses per local government area.
The grant, facilitated through the Bank of Industry, supports sectors ranging from trading and food services to ICT and transportation.
Initially announced in December 2023, the Presidential Conditional Grant Scheme aims to extend financial aid to one million small businesses in the Federal Capital Territory’s 774 local governments and six council areas.
The minister explained, “Each grant recipient receives ₦50,000, aimed at small businesses verified through their Bank Verification Number (BVN) and National Identification Number (NIN).”
The disbursement process ensures that the grants are deposited directly into the beneficiaries’ accounts following thorough verification.
“So far, about 100,000 small businesses have received the initial disbursement,” Uzoka-Anite said, with the overall target set at reaching one million businesses.
This financial support comes as a relief amid the economic reforms that have recently swept through the nation, aiming to mitigate the economic challenges faced by small-scale business owners.
She further detailed that, as the scheme progresses, additional phases of funding will be rolled out, to ensure that the impact reaches every corner of the country.
