FG Distributes $50,000 Grant to 150,000 Nigerians and in United States too
The Federal Government of Nigeria has begun disbursing grants to support small businesses. This week, 150,000 individuals received N50,000 each under the Conditional Grant Scheme (CGS)
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the disbursements on her social media platform. She emphasized that the program is entirely free and warned against scammers who might demand fees for processing the grant.
Grant Scheme Details
- Target: 1 million small businesses across various sectors including trading, food services, ICT, transportation, creative industries, and artisans.
- Grant Amount: N50,000 per beneficiary.
- Distribution: Direct deposit to recipients’ accounts.
- Target Groups:
- 70% – Women and youths
- 10% – Individuals with disabilities
- 5% – Senior citizens
- 15% – Other groups
- Geographic Scope: All 774 Local Government Areas (LGAs) and the six area councils in the Federal Capital Territory (FCT).
Minister’s Message
Minister Uzoka-Anite urged those who missed the registration deadline (April 17, 2024) to explore the MSME loan program offered by the Bank of Industry. She also assured those awaiting grant disbursements to be patient, as the process is ongoing. A complete list of beneficiaries will be released upon completion.
Key Points
- The Conditional Grant Scheme aims to empower 1 million small businesses across Nigeria.
- The program prioritizes women, youths, and vulnerable groups.
- Grants are non-repayable financial assistance.
- Beware of scammers demanding fees for grant processing.
Additional Information
The Trade Grant Scheme, launched in March 2024, aims to stimulate economic activity at the grassroots level. The initiative is expected to significantly impact communities nationwide by supporting small businesses.
Nigerian govt continues N50,000 grants. 150,000 recipients out of 1 million targeted. Minister confirms ongoing disbursement. Grant aims to ease impact of fuel subsidy removal.
To learn how to apply, read the full article.
Payment Ongoing
The Nigerian government is giving out N50,000 grants to help people. They’ve already given money to 150,000 people out of the one million they want to help.
Doris Uzoka-Anite, the Minister of Trade and Investment, shared this news on her official X account.
She said, “We’re still giving out the grants. We’ve already given money to 150,000 people out of the one million we want to help. If you’re waiting for your money, thanks for your patience.
We’ll share a list of everyone who gets the grant soon for transparency.”
This grant started last week and is part of President Bola Ahmed Tinubu’s plan to help after removing fuel subsidies.
Last December, they made a website for people to register for the Presidential Conditional Grant Scheme if they wanted help
Latest Updates on Presidential Grant – 100,000 Businesses Get N50,000, How to Apply
Over 100,000 small businesses in Nigeria recently got N50,000 each from the Presidential Conditional Grant Scheme, also called the Trade Grants Scheme.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, says these businesses have one or two employees and make less than N3 million a year. The plan is to give this money to 1,291 businesses in each local government area.
This scheme started in December 2023 as part of the Presidential Palliatives Programme. The government set aside N200 billion to help small businesses. Originally, they planned to start on March 9, 2024. The Trade Grant Scheme focuses on sectors like trading, food services, ICT, transportation, creative arts, and artisans. It gives out grants that don’t need to be paid back.
Last Wednesday, the minister announced they began giving out the money. But she said they’ll give to more businesses later as they get more verified information from the states.
To get the money, businesses need to meet certain criteria, like being a micro-business and having a Bank Verification Number and National Identification Number. If they qualify, they get N50,000 in their bank accounts.
Minister Uzoka-Anite wants to help one million micro-businesses across Nigeria’s local government areas. Already, about 100,000 businesses got the money, and they’re still working to reach the one million target.
This news comes after President Tinubu said eight months ago that they’d give grants to manufacturers and small businesses. It also follows a recent request for businesses to give their National Identification Numbers (NINs). This is to help businesses cope with recent economic changes in the country
How to Apply
- Eligibility Check: Ensure that you meet the eligibility criteria set by the scheme. This typically includes being a micro-business with one or two employees and an annual turnover below N3 million.
- Gather Required Documents: Collect all necessary documents for the application process. This usually includes your Bank Verification Number (BVN) and National Identification Number (NIN).
- Application Submission: Submit your application through the designated channel. This could be an online portal or a physical application form, depending on the instructions provided by the scheme organizers.
- Verification Process: After submitting your application, it will undergo a verification process to confirm your eligibility and the authenticity of the information provided.
- Grant Disbursement: If your application is successful and passes the verification process, you will receive the grant amount directly into your bank account. This disbursement is typically done electronically.
- Follow-Up: Keep track of any communication from the scheme organizers regarding the status of your application. In case of any additional requirements or updates, make sure to comply promptly.
By following these steps carefully, you can successfully apply for the Presidential Grant Scheme and access the financial support offered to micro-business owners
