The Federal Government has commenced the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to Nano businesses nationwide.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) classifies Nano businesses as enterprises that have one or two workers and less than N3 million annual turnover.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, who hinted about the disbursement of the grants to beneficiaries in a statement on Tuesday, confirmed that several beneficiaries had already received their grants, marking the beginning of the phased disbursement strategy.
She also said that this Friday, April 19, many validated applicants would receive their grants while others will benefit from the grants in subsequent phases.
The minister stated: “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants.
“It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.
“We ask for your patience as we continue to process the applications with the utmost diligence and fairness.
“The phased disbursement plan has been designed to ensure that each application is given the consideration it deserves”, Uzoka-Anite added.
It would be recalled that the Federal Government had in December 2023 announced the Presidential Conditional Grant Scheme (PCGS) as part of its ongoing efforts to empower nano businesses under the Presidential Palliatives Programme.
The Trade Grant Scheme, which was initially scheduled to kick off on March 9 this year offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.
