Nigerian Federal Government has recently launched a Grant and Loan Program for nano businesses

Nigerian Federal Government has recently launched a Grant and Loan Program for nano businesses

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The Nigerian Federal Government has recently launched an application portal for its Presidential Conditional Grant and Loan Program for nano businesses. This initiative is part of the broader Presidential Palliative Program. The program aims to offer financial support to a wide range of small-scale businesses across the country, targeting one million nano businesses in all 774 local government areas.

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Key points about the program include:

  • Grant and Loan Amounts: Each eligible business can receive a grant of N50,000. The overall budget for the program is approximately N150 billion.
  • Target Beneficiaries: The program is designed to support various small-scale businesses, including traders, food service providers, business center operators, battery chargers, recharge card sellers, call center operators, wheelbarrow pushers, independent dispatch riders, makeup artists, fashion designers, dry cleaners, vulcanizers, shoemakers, and painters.
  • Eligibility Criteria: To be eligible for the grant, nano businesses must be willing to provide proof of residential or business address in their local government area, along with personal and bank account information, including a Bank Verification Number for identity verification.
  • Allocation of Funds: A significant portion of the grant (70%) is earmarked for women and youth-owned businesses, 10% for people with disabilities, 5% for senior citizens, and the remaining 15% for other groups.
  • Application Process: Eligible businesses are encouraged to apply for the grants and loans using the link provided on the official portal.

This development is seen as a significant move by the government to support small businesses and stimulate economic growth, especially among the most vulnerable sectors of the economy.

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For more detailed information and to apply, interested parties can visit the official portal at:

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