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The Bank of Industry (BOI) has been entrusted by the Federal Government to administer a substantial N200 billion fund aimed at fortifying businesses throughout Nigeria.
Led by the Federal Ministry of Industry, Trade, and Investment (FMITI), this initiative encompasses three distinct funds: the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, each tailored to address various needs within the business landscape.
According to BOI, the Presidential Conditional Grant Scheme (PCGS) is a standout component, earmarking N50 billion specifically to support eligible Nano Business owners through a grant scheme.
The initiative targets a minimum of 1,000 beneficiaries per Local Government Area (LGA) across Nigeria’s 774 LGAs, in addition to the six Council Areas in the Federal Capital Territory (FCT).
A wide array of small businesses, including traders, food vendors, ICT businesses, transporters, artisans, and creatives, qualify for support.
Notably, PCGS beneficiaries are not required to repay the funds, making this grant scheme a crucial resource for grassroots economic development and inclusive growth. By nurturing entrepreneurship and offering essential financial assistance to underserved populations, the PCGS aims to spur sustainable socio-economic advancement nationwide.
Source: BusinessDay