FG disburses N20.7 billion to nano businesses under the trade grant scheme

FG disburses N20.7 billion to nano businesses under the trade grant scheme

Of the N50 billion allocated for the trade grant program for nano enterprises, the federal government has already paid out N20.7 billion. In all 774 local government areas (LGAs), 414,873 people had benefited from the program as of June 4, 2024, according to the most recent data available on the official government website.

The federal government has given N50,000 to each of these people in support of their nanobusiness ventures. The total amount of money the government has released so far for this program is N20,743,650,000.

Arewafact can also confirm that the disbursement is still ongoing as the number of beneficiaries moved from 414,751 on June 1 to 414,873 on June 4, adding not less than a hundred more recipients in three days.

1 million Applicants to receive Grant

In December 2023, the federal government announced the project as a component of the presidential palliative package, claiming that it would assist one million Nigerians in total.

In a statement, Minister of Industry, Trade, and Investment Doris Uzoka-Anite added that while 3.6 million Nigerians applied for the program, only one million qualified applicants were ultimately accepted.

She went on to say that payments are handled in the order that the applications are verified rather than according to any predetermined standards.

The minister states that the ultimate goal is to reach one million users by distributing monies to an estimated 1,290 individuals per local government area (LGA) nationwide.

Disbursements aren’t based on any specific criteria but on the order in which applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.

Just one million out of the more than 3.6 million applicants will be awarded a grant. According to the amount allocated for nanobusinesses, this is the threshold, Uzoka-Anite continued.

This suggests that more than 500,000 qualified applicants have not yet been awarded grants for their nanobusiness ventures.

Target Sectors for the Scheme

The following businesses are eligible to apply for the scheme:

Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.

Food Services: Food and vegetable vendors.

ICT: Business center operators, battery chargers, recharge card vendors, and call center agents.

Transportation: Wheelbarrow pushers and independent dispatch riders.

Creatives: Makeup artists, fashion designers, and dry cleaners.

Artisans: Vulcanizers, shoemakers, painters, and repairers.

The amount of funds budgeted for the scheme is N50 billion.

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