FG Releases Application Portal for N50,000 Conditional Grant, Loan
This is to inform the public that the Federal Government of Nigeria has unveiled an application portal for its Presidential Conditional Grant and loan aimed at supporting nano businesses across the country. Under the Presidential Palliative Program, eligible beneficiaries stand to receive a grant of N50,000.00, with a goal to reach one million nano businesses spanning the 774 local government areas.
In a bid to ensure inclusivity, the Federal government plans to collaborate with State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members. Specific selection criteria will be employed, with a focus on prioritizing 70% women and youth, 10% people with disabilities, and 5% senior citizens. The remaining
15% will be allocated to other demographics.
The Minister of Industry, Trade and Investment, Ms Doris Uzok-Anite, highlighted the program’s dual components: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme. These are tailored to benefit manufacturers, SMEs, MSMEs, and businesses.
Ms Uzok-Anite stated, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.”
Eligible beneficiaries are required to provide proof of residential/business address, alongside personal and bank account information for identity verification.
Eligible Sectors
Businesses eligible to apply include traders, food services, ICT, transportation, creatives, and artisans. This encompasses a wide range, from single retail marketers to makeup artists and wheelbarrow pushers.
The scheme has outlined key timelines for the disbursement of N50 billion in grants to nano businesses.
Starting on October 10, 2023, the process involves six weeks of planning, three weeks of official communication, six weeks of verification, and continuous fund disbursement from December 12, 2023.
For N75 billion in loans for MSMEs and manufacturers, the process begins on October 10, 2023, with six weeks of
planning, continuous call to entry, revolving fund disbursement from December 5, 2023, and repayments starting on June 5, 2024.
With the application portal now live, nano businesses in Nigeria have a significant opportunity for financial support.
Interested parties are encouraged to apply within the specified timelines, contributing to the growth and sustainability of their ventures. You may like to read how to register for conditional cash transfer in Nigeria.
Application portal for the N50,000 conditional grant and loan
Eligible and interested applicants should Apply Here.
Do not forget to join FG Empowerment Group on Telegram.
