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  The Federal Government of Nigeria, through the Ministry of Industry, Trade and Investment, has initiated loan and grant programs for businesses in the country. These initiatives are the Presidential Conditional Grant Program for nano businesses and the Presidential Palliative Loan Program for MSMEs. Government representatives say that these programs are designed to protect enterprises in Nigeria from the negative effects of the petroleum subsidy removal.
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Publicly available information concerning the loan and grant programs indicates that 70% of its beneficiaries will be women and youth, and 10% people living with disabilities. About 5% will be senior citizens, and 15% will be disbursed to persons in other relevant demographics.

Who Can Apply for the FG’s Financial Intervention?

The loan and grant programs are open to the following businesses:
  • Artisans (vulcanizes, shoemakers, repairers, painters, etc.)
  • Creatives (makeup artists, fashion designers, etc.)
  • Food services (food and vegetable vendors)
  • ICT (business centre operators, battery chargers, recharge card vendors, call centre agents, etc.)
  • Traders (single retail marketers, corner shop owners, petty traders, etc.)
  • Transportation (wheelbarrow pushers, independent dispatch riders, etc.)
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Benefits

Businesses selected from the pool of applicants will benefit from these programs in the following ways:
  • Nano businesses (enterprises consisting of a single owner-worker) will receive a ₦50,000 grant
  • MSMEs will get loans of up to ₦1 million
  • Manufacturers can access loans of up to ₦1 billion
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Eligibility

The conditional grant and loan program is open to persons who meet the following criteria:
  • Must own a nano business or MSME
  • Operate their business with a desire to grow it
  • Willing to employ at least one additional staff if the business grows
  • Provide proof of business location/residence, personal details and bank account information for identity verification
If you would like to apply for this opportunity, you can do so HERE.
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This article was first published on 21st December 2023 and updated on January 3rd, 2024 at 9:13 pm

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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