The Nigerian Federal Government is pleased to declare the commencement of the Presidential Conditional Grant and Loan for Nano Businesses, a crucial component of the Presidential Palliative Program.
With the current economic situation in the country, the federal government introduced this game-changer in Economic Empowerment to support businesses across the 774 local governments in Nigeria. NEED A LOAN?
The grant amount is set at N50,000.00 (Fifty Thousand Naira) per recipient, aiming to benefit one million nano businesses across the 774 local government areas. The Federal Government will engage in collaboration with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members.
These entities will utilize the Federal Government’s specified selection criteria below to identify and shortlist beneficiaries from their respective constituents.
The intended recipients comprise 70% women and youth, 10% individuals with disabilities, and 5% senior citizens. The remaining 15% will be allocated to other demographic groups.
Grant Eligibility Criteria
- Possess a nano business.
- Manage a business demonstrating promising economic prospects and an aspiration for expansion.
- Express readiness to hire at least one additional staff member in the event of increased turnover.
- Demonstrate willingness to furnish proof of residential or business address within the Local Government Area.
- Submit pertinent personal and bank account details, including Bank Verification Number (BVN) for identity verification.
- Ensure adherence to the application submission deadline.
Which Sectors are the Targeted Sectors for this Loan Scheme
Below are the businesses that are eligible to apply to the scheme
- Food Services
How to Apply for FG N50k Grant
Apply for this grant through the provided website www.grant.fedgrantandloan.gov.ng/ while disbursement is done by your bank if you meet the eligibility criteria.
To submit your application, please click on the following link to learn more.