The Nigerian government has taken a significant step towards supporting small businesses with the disbursement of N20.11 billion to over 400,000 beneficiaries under the Presidential Conditional Grant Scheme.
This initiative, launched in March 2024, offers non-repayable grants of N50,000 to eligible small business owners across various sectors throughout the country’s 774 local government areas (LGAs).
The scheme prioritizes empowering specific demographics. Seventy per cent of recipients are women and youth, aiming to bridge the economic gap for these groups.
Additionally, ten per cent of the grants are allocated to people with disabilities, and five per cent to senior citizens, demonstrating a commitment to social inclusion.
Initially, over 3.6 million applications were received, but only one million were chosen.
The Ministry of Industry, Trade and Investment assures applicants that selection is random and based on verified Bank Verification Numbers (BVNs) and National Identification Numbers (NINs).
This approach minimizes human intervention and promotes fairness.
While all LGAs received funding, the number of beneficiaries per area varies significantly.
Katsina LGA leads with 1,048 recipients, while Omuma LGA received the least with only 85.
This discrepancy warrants further explanation from the government regarding the allocation criteria.
The Ministry emphasizes that disbursements are staggered and will continue in phases until completion.
This phased approach allows for ongoing evaluation and adjustments.
Beyond supporting domestic businesses, the Ministry is also exploring ways to attract investment from Nigerians living abroad.
They are currently evaluating hundreds of applications from asset managers for the $10 billion Diaspora Fund.
This initiative seeks to channel remittances and investments towards critical sectors like agriculture, infrastructure, healthcare, education, and entrepreneurship.
