The Bank of Industry has announced the disbursement of over N37.8 billion under the Presidential Conditional Grant Scheme, also referred to as the Trade Grant Scheme.
In a circular released on Sunday, BOI reported that 774,593 individuals and businesses have benefited from the Presidential Conditional Grant Scheme, according to Nairametrics.
This initiative aims to support nano businesses, with a goal of reaching 1 million beneficiaries, each receiving N50,000.
The scheme is administered by the Ministry of Industry, Trade and Investment, with the Bank of Industry facilitating its implementation.
“The disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, empowering nano businesses across Nigeria to scale their businesses,” the Bank said in a statement.
The nano businesses targeted under the scheme include:Traders, Transportation, Food Services, ICT, Creatives, Artisans.
The Presidential Conditional Grant Scheme is part of the Presidential Palliatives Programme aimed at supporting small businesses following the subsidy removal.
Announced in December 2023, the federal government began disbursing funds to beneficiaries in April 2024.
