The federal government has distributed a total of N27.2 billion between April and June 2024 (a span of three months) from the N50 billion grants allocated for nano businesses under the trade grant initiative.
This information comes from data on the Presidential Conditional Grant Scheme (PCGS) portal as of June 30, 2024.
The data, which details the beneficiaries who have received the N50,000 grant for their nano businesses across the 774 local government areas (LGAs), reveals that 545,830 individuals have benefited from the scheme within this period.
This shows that the federal government, through the Ministry of Industry, Trade and Investment, has disbursed N27.2 billion to these beneficiaries.
The scheme, which began in April with the goal of reaching 1 million beneficiaries across all LGAs, has yet to reach over 400,000 individuals.
Nearly 4 million Nigerians registered.
According to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, about 4 million Nigerians had registered for the N50,000 palliative grant as of June. However, she noted that only 1 million beneficiaries will be accommodated under the scheme.
She also confirmed that around 60% of the 1 million eligible applicants have received the funds.
The Minister mentioned that the fund distribution is ongoing and is determined by a computer-generated random system, rather than a first-come, first-served basis.
“The disbursement process is still ongoing, and we have allocated about 60% of the 1 million grants. You can track the number of beneficiaries per LGA paid so far on grant.fedgrantandloan.gov.ng/learn-more/dis.
“It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated. This means not all applicants will receive the grant.
“The selection is not based on who applied first; everyone has an equal chance but by random computer-generated selection. While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time,” she said.
Businesses targeted under the scheme:
The nano businesses targeted under the scheme include:
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 center operators, battery chargers, recharge card vendors, and call center agents.
Transportation: Wheelbarrow pushers and independent dispatch riders.
Creatives: Makeup artists, fashion designers, and dry cleaners.
Artisans: Vulcanizers, shoemakers, painters, and repairers.
What you should know:
The Presidential Conditional Grant Scheme (PCGS), also known as the trade grant scheme, is part of the Presidential Palliatives Programme aimed at supporting small businesses following the removal of subsidies.
The scheme was initially announced in December 2023, but the federal government began payments into beneficiaries’ accounts in April 2024.
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.
So far, more than 500,000 individuals have benefited from the initiative, with over 400,000 applicants still waiting to receive their grants.
