The Bank of Industry (BOI) has confirmed the distribution of over N37.8 billion through the Presidential Conditional Grant Scheme (PCGS), also known as the Trade Grant Scheme. This initiative is aimed at supporting Nigeria’s nano businesses.
Over 774,000 Beneficiaries
According to a circular released on Sunday, BOI disclosed that 774,593 individuals and businesses have benefited from the scheme to date. The program targets nano enterprises, which are small-scale businesses often run by single individuals or families. The goal of the initiative is to reach 1 million beneficiaries, each receiving a grant of N50,000 to support their businesses.
Scheme Overview
The Presidential Conditional Grant Scheme (PCGS) is a palliative measure introduced under the Ministry of Industry, Trade, and Investment to cushion the effects of subsidy removal. The Bank of Industry plays a key role in facilitating the disbursement process.
In a statement, BOI confirmed:
“The disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, empowering nano businesses across Nigeria to scale their operations.”
Businesses Targeted Under the Scheme
The scheme targets a wide range of nano businesses, which include:
- Traders: Small-scale retailers, corner shop owners, and market traders.
- Food Services: Vendors of food and vegetables.
- ICT: Business center operators, recharge card vendors, and call center agents.
- Transportation: Wheelbarrow pushers and independent dispatch riders.
- Creatives: Makeup artists, fashion designers, and dry cleaners.
- Artisans: Shoemakers, vulcanizers, painters, and various repair services.
Grant Allocation Structure
The PCGS is structured to ensure inclusive support across different demographics.
- 70% of the grants are reserved for women and youth.
- 10% is allocated to people living with disabilities.
- 5% is for senior citizens.
- The remaining 15% is distributed to other groups.
Status and Ongoing Disbursement
Since its launch in December 2023, with the first disbursements beginning in April 2024, the scheme has impacted over 700,000 individuals. An additional 200,000 applicants are still awaiting their grants, signaling ongoing efforts to meet the 1 million beneficiary target.
This initiative is part of the federal government’s broader Presidential Palliatives Programme, aimed at mitigating the economic impact of subsidy removal by providing direct support to small businesses.
Source: nairametrics