The Federal Ministry of Industry, Trade and Investment, the Nigerian government has launched two game-changing initiatives, namely the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
These programs have been designed to cushion the impact of the fuel subsidy removal and usher in a new era of economic resilience.
Dr. Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment, emphasized that these initiatives are geared towards supporting businesses, especially nano enterprises, micro, small, and medium-sized enterprises (MSMEs), as well as manufacturers. The relief measures include a substantial N50,000 grant for nano businesses, while MSMEs and manufacturers have the opportunity to secure loans ranging from N1 million to a significant N1 billion.
What makes these initiatives truly inclusive and transformative is their targeted approach towards specific demographics. The government aims to benefit 70% women and youth, providing them with the necessary resources to thrive in the economic landscape. Additionally, 10% of the support is directed towards people with disabilities, and 5% to senior citizens, demonstrating a commitment to leaving no one behind. The remaining 15% of the assistance is allocated to other deserving demographics, ensuring a comprehensive and equitable distribution.
As Nigeria navigates the challenges posed by the removal of the fuel subsidy, these initiatives stand as beacons of hope, signaling the government’s dedication to fostering economic growth and empowerment for all.
Who Can Apply?
Businesses that fall into the six categories below can apply.
1. Traders
2. Food services
3. ICT
4. Transportation
5. Creatives (makeup artists, fashion designers and dry cleaners.)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
Eligible applicants should visit the website fedgrantandloan.gov.ng and click ‘apply for grant.’
