the Federal Government’s Presidential Conditional Grant Scheme (PCGS) unveils a transformative opportunity for small business owners across Nigeria.
The scheme extends financial grants, free from repayment obligations, to eligible entrepreneurs operating in diverse sectors, including trading, food services, ICT, transportation, creatives, and artisans. It prioritizes 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographics.
Scope and Impact: With each beneficiary receiving N50,000.00 directly deposited into their accounts, the program targets one million small businesses across the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT). By aiming for 1,000,000 beneficiaries in every LGA and the FCT, the initiative holds significant potential to drive nationwide economic development.
Selection Process: Beneficiaries underwent a stringent selection process, including verification through their National Identification Number (NIN) and Bank Verification Number (BVN). Successful applicants demonstrated ownership of a small business with promising economic prospects, a commitment to growth, and readiness to employ additional staff as needed. They also provided evidence of residential/business address and pertinent personal and bank account details before the December 18, 2023 deadline.
Government Commitment and Implementation: Implemented by the Federal Ministry of Industry, Trade, and Investment, with the Bank of Industry serving as the Executing Agency, the PCGS underscores the government’s dedication to fostering the growth of small-scale entrepreneurs and fostering inclusive economic advancement.
With its emphasis on inclusivity and empowerment, the Presidential Conditional Grant Scheme is poised to effect substantial positive change in the lives of small business owners and their communities throughout Nigeria.
Source: CableNG