Two programs are being launched by the Federal Government of Nigeria: the Presidential Conditional Grant Program and the Presidential Palliative Loan Program. Both programs are overseen by the Federal Ministry of Industry, Trade, and Investment.
The initiatives are intended to mitigate the consequences of the loss of gasoline subsidies, according to Dr. Nkiruka Uzoka-Anite, Minister of Industry, Trade, and Investment.
A N50,000 award would be given to nano firms, and loans up to N1 million and N1 billion will be available to MSMEs and manufacturers, respectively.
The target beneficiaries are divided as follows: 15% goes to other demographics, 10% go to individuals with disabilities, 5% are old persons, and 70% are women and young people.
Who is Eligible to Apply?
Companies may apply if they fit into one of the six categories listed below.
1. Merchants
2. Catering services
3. IT
4. Travel
5. Creatives, such as dry cleaners, fashion designers, and cosmetics artists
6. Artists (shoemakers, vulcanizers, painters, and repairers).
Grant Eligibility Requirements
1. Own a nano business.
2. Operate a business with progressive economic potential and a desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential or business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
Eligible applicants should visit the website fedgrantandloan.gov.ng and click ‘apply for grant.’