The federal government through the federal Ministry of Industry, Trade and Investment is yet to credit the N50,000 trade grant to more than half of the qualified applicants that applied for the scheme.
According to the federal government’s official website, the initiative has benefited a total of 414,751 individuals from all 774 local government areas (LGAs) in Nigeria since its inception in March.
There are still 585,249 Nigerians who are yet to benefit from the N50,000 grant program as of June 1, 2024, according to Nairametrics.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite had earlier said the program was designed to serve one million qualified candidates, with the disbursement deadline set for May 31st.
She said “Many have already received their grants—thank you for your patience! For those waiting, please hold tight.
“The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now.
“The application portal was closed at midnight on April 17, 2024.
“The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024,” the Minister said in a circular in April.”
In addition, the Minister said over 3.6 million Nigerians showed interest in the scheme. However, she said only one million will be eligible to receive the grants.
According to the minister, the objective is to distribute funds to an estimated 1,290 beneficiaries per local government area (LGA) across the country, with the overall goal of reaching one million recipients.
“Disbursements aren’t based on any specific criteria but in the order, in which applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.
“Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses,” Uzoka-Anite added.
The Federal Government launched the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Program, in December 2023 with the intention of assisting nanobusinesses.
The Trade Grant Scheme was slated to launch on March 9, 2024, and to provide small business owners in a variety of areas—such as trading, food services, ICT, transportation, creative industries, and artisanship—with a non-repayable cash awards.
