FG unveils presidential conditional grant scheme for Nano business

The Federal Government has rolled out Presidential Conditional Grant Scheme, PCGS, to empower Nano businesses across the country.

This is as part of the Presidential Palliative Programme meant to curb the increasing level of hardship the country is currently facing.

The scheme, which commenced last weekend, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives and artisans.

According to a statement, the initiative is being implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the executing agency.

The agency explained that the PCGS targets 70 percent women and youth, 10 percent people with disabilities, five percent senior citizens, and 15 percent distributed to other demographics.

“By focusing on the often-overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.

“The N50, 000.00 grant per beneficiary will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).

“With a target of one million beneficiaries in every LGA and the FCT, the program has the potential to impact communities nationwide significantly.