Bank of Industry confirms the disbursement of N38.7 billion to nano businesses under a trade subsidy scheme

The Bank of Industry (BOI) has confirmed the disbursement of over N37.8 billion through the Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme.

In a circular published on Sunday, BOI announced that a total of 774,593 individuals and companies have benefited from the scheme so far.

The Presidential Conditional Grant Scheme is a palliative initiative designed for nano-enterprises, with the aim 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 the process.

“Disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, enabling nano-enterprises across Nigeria to scale up their operations,” the Bank said in a statement.

Companies that fall under the scheme

The nanocompanies affected by the scheme include:

Traders: Retail marketers, local shop owners, small traders and market men and women in open markets.

Food services: Food and vegetable vendors.

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

Transport: Wheelbarrow pushers and independent expedition riders.

Advertisements: Makeup artists, fashion designers and dry cleaners.

Craftsmen: Vulcanizers, shoemakers, painters and repairers.

What you need to know

• The Presidential Conditional Grant Scheme (PCGS), also known as the trade subsidy scheme, is part of the Presidential Palliatives Program, aimed at helping small businesses after the abolition of subsidies.
• Initially announced in December 2023, the federal government began disbursing funds to beneficiaries in April 2024.
• The PCGS is structured to allocate 70% of grants to women and youth, 10% to persons with disabilities, 5% to seniors and the remaining 15% to other groups.
• To date, more than 700,000 people have benefited from the scheme, while more than 200,000 applicants are still awaiting their grants.

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