In a bid to bolster the entrepreneurial landscape and foster economic growth, the Federal Government of Nigeria proudly introduces the Presidential Conditional Grant to Nano Businesses under the Presidential Palliative Program. With the aim of providing vital support to small-scale enterprises across the nation, this initiative marks a significant step towards inclusive economic development.
About the PCGS
The PCGS offers a grant sum of N50,000.00 per beneficiary, with the ambitious goal of reaching one million nano businesses spanning the 774 local government areas. Collaboration with various stakeholders, including State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, ensures a comprehensive selection process.
Eligibility Criteria
To qualify for the PCGS, applicants must:
- Own a nano business.
- Operate a business with progressive economic potential.
- Express a desire to expand their business operations.
- Commit to employing at least one additional staff member in response to increased turnover.
- Provide proof of residential/business address within the Local Government Area.
- Furnish relevant personal and bank account details, including Bank Verification Number (BVN) and National Identification Number (NIN) for identity verification.
Target Sectors
The scheme encompasses a diverse range of sectors, including:
- Traders: Encompassing single retail marketers, corner shop owners, and petty traders.
- Food Services: Catering to food and vegetable vendors.
- ICT: Embracing business center operators, recharge card vendors, and call center agents.
- Transportation: Catering to wheelbarrow pushers and independent dispatch riders.
- Creatives: Encompassing makeup artists, fashion designers, and dry cleaners.
- Artisans: Including vulcanizers, shoemakers, and painters.
Frequently Asked Questions
- What is a ‘nano business’?: A nano business refers to a very small-scale business entity, typically operated by a single individual or a small team, with limited size and scope.
- What is a Bank Verification Number (BVN), and why is it needed?: BVN is required for identity verification purposes.
- Do I need a registered business name to qualify?: No, registration is not mandatory.
- What is the deadline for application?: The deadline will be announced soon.
- Which documents are needed for proof of address?: Relevant documents include utility bills or official letters.
- What information is required for the application?: Personal and bank account details, including BVN and NIN.
- What constitutes ‘progressive economic potential’?: Demonstrating a capacity for business growth and sustainability.
Collaboration and Selection Process
Collaboration with key stakeholders ensures a fair and transparent selection process. Targeting specific demographics, including women, youth, people with disabilities, and senior citizens, underscores the government’s commitment to inclusivity and empowerment.
How to Apply
Eligible beneficiaries meeting all criteria are encouraged to liaise with their respective representatives for shortlisting.
The Presidential Conditional Grant Scheme presents a transformative opportunity for nano businesses in Nigeria, fostering entrepreneurship and economic resilience. By empowering small-scale enterprises, the initiative paves the way for sustainable growth and prosperity across the nation.
