Federal Government Disburses N20.7 Billion to Nano Businesses Under Trade Grant Scheme

Mubashir Shehu

7 months ago

Federal Government Disburses N20.7 Billion to Nano Businesses Under Trade Grant Scheme

The Federal Government of Nigeria has disbursed N20.7 billion out of the N50 billion budgeted for the trade grant scheme intended for nano businesses. According to the latest data on the official government website, 414,873 individuals have benefited from the scheme across the 774 local government areas, with each individual receiving N50,000 for their nano businesses ¹.

Objective and Target Beneficiaries

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that the initiative aims to distribute funds to an estimated 1,290 beneficiaries per local government area across the country, with the overall goal of reaching one million recipients. Although 3.6 million Nigerians applied for the program, only 1 million eligible applicants will receive the grant due to the amount budgeted for nano businesses ¹.

Target Sectors

The following businesses are eligible to apply for the scheme:

Traders (single retail marketers, corner shop owners, petty traders, and market men and women in open markets)
Food Services (food and vegetable vendors)
ICT (business centre operators, battery chargers, recharge card vendors, and call centre agents)
Transportation (wheelbarrow pushers and independent dispatch riders)
Creatives (makeup artists, fashion designers, and dry cleaners)
Artisans (vulcanizers, shoemakers, painters, and repairers)

Related News

Backstory

In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme to support nano businesses. The Trade Grant Scheme provides non-repayable financial grants of N50,000 to eligible small business owners in various sectors. The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics ¹.

Frequently Asked Questions

What is the total budget for the trade grant scheme?

The total budget for the trade grant scheme is N50 billion.

How many individuals have benefited from the scheme so far?

414,873 individuals have benefited from the scheme across the 774 local government areas.

How much will each beneficiary receive?

Each beneficiary will receive N50,000 for their nano businesses.

What is the objective of the scheme?

The objective of the scheme is to distribute funds to an estimated 1,290 beneficiaries per local government area across the country, with the overall goal of reaching one million recipients.