Source: Thisdaylive
The Federal Government has allocated ₦1.3 billion through the Presidential Conditional Grant Scheme (PCGS) to bolster small enterprises in Borno State, reaffirming its dedication to empowering vulnerable populations and revitalizing local economies.
This announcement was made during a town hall meeting in Maiduguri by Governor Babagana Zulum, represented by Abubakar Muhammed. The program targets a diverse group of small business owners, including traders, artisans, ICT professionals, eatery operators, and transporters across all 27 local government areas. Beneficiaries received ₦50,000 each to expand their businesses and enhance their livelihoods.
The initiative, executed in partnership with the Bank of Industry (BoI), forms part of broader strategies to rejuvenate Borno’s economy after years of insurgency. Governor Zulum emphasized that the program aligns with the federal government’s approach to promoting post-insurgency recovery and fostering economic stability.
Muktar Musa, the BoI Manager in Maiduguri, highlighted the broader national impact of the Presidential Conditional Grant Scheme. He revealed that over ₦40 billion has been disbursed nationwide, benefiting 810,945 individuals. In the North-East region alone, ₦5.9 billion has been distributed, underscoring the area’s significance in economic recovery efforts.
Musa further explained that the scheme addresses the economic challenges faced by small businesses following the recent removal of fuel subsidies, which has had a disproportionate impact on their operations.
This intervention aims to empower small businesses, enabling them to create jobs, boost local economies, and support vulnerable communities. By providing equitable access to financial resources, the initiative underscores the role of small enterprises as essential drivers of economic recovery and long-term stability.
The PCGS also highlights the importance of collaboration between government entities and financial institutions in tackling the challenges faced by MSMEs across Africa. For many business owners in Borno and beyond, programs like these serve as a critical lifeline for growth and resilience amidst economic adversity.
This initiative underscores the pivotal role of small businesses in Africa’s economic development and offers valuable insights for other regions to replicate and scale similar interventions.
