1 Million Nigerians to Receive N50,000 Grant Out of 3.6 Million Applicants

Nigeria's Federal Ministry of Industry, Trade and Investment has selected 1 million out of 3.6 million applicants to receive a N50,000 grant under the Presidential Conditional Grant Scheme. The disbursement process is currently underway, with successful applicants set to receive their grants by the end of May 2024.

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1 Million Nigerians to Receive N50,000 Grant Out of 3.6 Million Applicants

1 Million Nigerians to Receive N50,000 Grant Out of 3.6 Million Applicants

The Federal Ministry of Industry, Trade and Investment in Nigeria has announced that out of the 3.6 million applicants for the Presidential Conditional Grant Scheme, only 1 million will receive the N50,000 grant. Launched in December 2023 as part of the Presidential Palliatives Programme, the scheme aims to provide financial support to nano businesses across the country.

This grant scheme has significant implications for Nigeria's economy, as it targets small business owners who have been severely affected by recent economic challenges. By providing financial support to these businesses, the government aims to revitalize the economy and create new job opportunities.

Dr. Doris Uzoka-Anite, the Minister in charge of the program, stated, "The objective is to distribute funds to an estimated 1,290 beneficiaries per local government area (LGA) across the country, aiming for a total of one million recipients." The disbursements are not based on any specific criteria but rather follow the order in which applications are verified.

The application process for the grant program commenced on March 9, 2024, and closed on April 17, 2024, as a result of the overwhelming response from 3.6 million applicants. The scheme targets small business owners operating in various sectors, including trading, food, technology, transport, arts, and crafts.

To ensure fairness and transparency, the selection process is random and computer-based, without human intervention. Applicants are required to have a National Identification Number (NIN) and a Bank Verification Number (BVN) to be eligible for the grant. The verification process has been thorough and time-consuming, conducted in batches to minimize errors.

Why this matters: The scheme aims to allocate 70% of the grants to women and young people, 10% to people with disabilities, 5% to older people, and the remaining 15% to other demographics. Dr. Uzoka-Anite emphasized, "We're not picking who gets the grants based on anything special. We just want to give grants to about 1,290 people in each local government area, totaling one million across the country."

The disbursementof the grants is currently underway, with successful applicants set to receive their alerts between now and the end of May 2024. The ministry has assured applicants that there was no interference in the processes, since the verification was digital, and individuals would not need to be contacted after verification.

For those who missed out on the grant, there is still an opportunity to apply for a low-interest loan through the Federal Government's loan program. Applications for the loan can be submitted at fedgrantandloan.gov.ng.

The Presidential Conditional Grant Scheme has generated significant interest among small business owners in Nigeria, who have been hit hard by the economic challenges in recent years. The scheme's success in providing financial support to nano businesses could potentially help revitalize the country's economy and create new job opportunities.

Disbursement process continuation sparks hope among many Nigerians that the grant will provide much-needed relief to struggling small businesses and contribute to the overall growth and development of the nation's economy. The government's commitment to supporting entrepreneurship and small-scale industries is a step in the right direction, and its impact will be closely watched in the coming months.

Key Takeaways

  • Nigeria's Presidential Conditional Grant Scheme received 3.6 million applications.
  • Only 1 million applicants will receive the N50,000 grant.
  • The scheme targets small business owners in various sectors, including trading and technology.
  • 70% of grants will go to women and young people, with 10% to people with disabilities.
  • Disbursement of grants will be completed by the end of May 2024.