Presidential Grant News – 100,000 Businesses Get N50,000, How You Can Apply in April/May 2024

100,000 Small Businesses Receive N50,000 Presidential Grant – Trade Minister

Read full article to know how you can apply.

predential grant

Recently, over 100,000 micro-businesses nationwide have benefited from the initial distribution of N50,000 each through the Presidential Conditional Grant Scheme, also referred to as the Trade Grants Scheme.

According to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, nano-businesses, characterized by one or two employees and an annual turnover of less than N3 million, are the primary beneficiaries. The disbursement, initiated a few weeks ago, targets 1,291 nano-businesses per Local Government area.

Established in December 2023 as part of the Presidential Palliatives Programme, the Federal Government allocated N200 billion to the scheme to bolster nano-businesses. Originally set to commence on March 9, 2024, the Trade Grant Scheme aims to support various sectors such as trading, food services, ICT, transportation, creative arts, and artisans, with non-repayable financial grants.

In an official statement last Wednesday, the minister announced the commencement of distribution. However, during a recent discussion, the minister highlighted that verified applicants would receive grants in subsequent phases as the ministry continues to gather verified data from the states.

Each successful applicant receives N50,000 directly into their accounts after undergoing verification based on criteria including owning a nano-business and validation through their Bank Verification Number and National Identification Number.

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Minister Uzoka-Anite emphasized that the goal is to reach one million nano-businesses across the 774 Local Government areas and six council areas in the Federal Capital Territory. Approximately 100,000 businesses have already received the initial disbursement, with ongoing efforts to achieve the target of one million beneficiaries.

This development follows President Tinubu’s announcement eight months ago regarding grants for manufacturers and small businesses. It also follows a recent directive for applicants to submit their National Identification Numbers (NINs) as part of the grant acquisition process, aimed at mitigating the impact of recent economic reforms on businesses in the country.

How to Apply

To apply for the Presidential Conditional Grant Scheme, aimed at supporting nano-businesses, follow these steps:

  1. Eligibility Check: Ensure your business qualifies as a nano-business, defined as having one or two employees and an annual turnover of less than N3 million.
  2. Gather Required Documents: Prepare necessary documents including your Bank Verification Number (BVN) and National Identification Number (NIN).
  3. Application Submission: Visit the designated application portal or physical location specified by the Ministry of Industry, Trade, and Investment.
  4. Complete Application Form: Fill out the application form with accurate information about your business and personal details.
  5. Verification Process: Await verification of your application, which includes validation of your business status and provided identification numbers.
  6. Grant Disbursement: Upon successful verification, expect to receive the grant amount of N50,000 directly into your registered bank account.
  7. Stay Updated: Keep abreast of announcements and updates regarding the scheme, as disbursements may occur in phases.

Remember to adhere to any additional instructions provided by the Ministry during the application process to ensure a smooth and successful application experience.

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