FG gives conditions, reveals those to benefit from the N50bn Presidential Conditional Grant Scheme or PCGS
The Nigerian government revealed information indicating that over 1,000 nanobusinesses would benefit from the Presidential Conditional Grant Scheme, or PCGS. Read Also 👉Presidential Conditional Grant Scheme Portal PCGS N50,000 Per Beneficiary
The FG stated that the grant will be awarded to a minimum of 1,000 recipients under the PCGS, an N50 billion grant program designed to assist qualified nanobusiness entrepreneurs.
Three funds totaling N200 billion have been formed to support businesses around the country, according to the Ministry of Industry, Trade, and Investment.
The Bank of Industry, or BOI, will distribute these funds, which have a 9% interest rate.
Three funds were established by the Federal Government to assist different initiatives: the FGN Manufacturing Sector Fund, the Presidential Conditional Grant Scheme (PCGS), and the FGN MSME Intervention Fund.
Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, highlighted in a statement BOI’s commitment to the expansion of MSMEs, acknowledging their critical role in the economy.
According to Olusi, the Presidential Conditional Grant Scheme (PCGS) provides qualifying owners of nanobusinesses with a N50 billion grant program. In each of the 774 Local Government Areas (LGAs) around the country and the six Council Areas in the Federal Capital Territory (FCT), the grant will be awarded to a minimum of 1,000 beneficiaries, with a preference for women and youth.
Target Nano enterprises include, among others, food sellers, traders, transporters, ICT companies, artisans, and creatives.
This is the initiative’s grant component since recipients are not obliged to repay. Beneficiaries must be owners of Nano businesses to qualify. They must also be prepared to register a business name when their company expands and to hire at least one more employee if business turnover rises.
To verify their identification, they must also be prepared to give documentation of a residential or business address in their local government area, as well as pertinent personal and bank account details, such as their National Identification Number (NIN) and Bank Verification Number (BVN). The scheme’s application submission date must be met by the beneficiary.