Bank of Industry Disburses N38.7 Billion to Nano Businesses Under Trade Grant Scheme
The Bank of Industry (BOI) has confirmed the disbursement of N38.7 billion to nano businesses through the Presidential Conditional Grant Scheme (PCGS), also known as the Trade Grant Scheme ¹. This scheme, administered under the Ministry of Industry, Trade and Investment, aims to empower nano businesses across Nigeria.
Beneficiaries and Target Groups
As of now, 774,593 individuals and businesses have benefited from the scheme. The PCGS targets various nano businesses, including:
- Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
- Food Services: Food and vegetable vendors.
- ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents.
- Transportation: Wheelbarrow pushers and independent dispatch riders.
- Creatives: Makeup artists, fashion designers, and dry cleaners.
- Artisans: Vulcanizers, shoemakers, painters, and repairers.
Scheme Structure and Goals
The PCGS is part of the Presidential Palliatives Programme, designed to assist small businesses affected by subsidy removal. Launched in December 2023, the scheme began disbursing funds in April 2024. Its structure allocates:
- 70% of grants to women and youths
- 10% to individuals with disabilities
- 5% to senior citizens
- 15% to other groups
The goal is to reach 1 million beneficiaries, with each receiving N50,000. Over 200,000 applicants are still awaiting their grants.
This initiative demonstrates the federal government’s commitment to supporting small businesses and promoting economic growth in Nigeria.
