One Hundred Thousand Nano Businesses Receive ₦50,000 Federal Government Grant

No fewer than one hundred thousand nano businesses across the country have received the initial disbursement of ₦50,000 FG grant through the federal government grant scheme, also known as the FG grant.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, gave the figure in an exclusive interview on Friday 19th 2024.

Nano businesses are enterprises that have 1 or 2 workers and less than an annual turnover of ₦3,000,000, according to the Small and Medium Enterprises Development Agency of Nigeria.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, speaking through her aide, Terfa Gyado, confirmed that the disbursement began a few weeks ago and would be distributed to one thousand two hundred and ninety one nano businesses per Local Government.

Earlier in December 2023, the Federal Government announced the federal government grant to empower nano businesses as part of the FG grant scheme.

It said the fund totalling ₦200,000,000,000 would be disbursed through the Bank of Industry to support manufacturers and businesses across the country.

The FG grant, which initially was to take off on March 9, 2024, offers federal government grant, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.

On Wednesday 17th April 2024, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, speaking through her aide, Terfa Gyado announced in a statement that the disbursement of the federal government grant had started.

However giving an update in the chat, the trade minister, Doris Uzoka-Anite revealed that all verified applicants would receive their federal government grant in subsequent phases as the ministry continues to receive verified data from the states.

Doris Uzoka-Anite said, “The Presidential Conditional Grant Scheme kicked off a few weeks back and disbursement has been made to the first batch. Each grant applicant gets ₦50,000 while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number and their National Identification Number.

“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.

Speaking further, the minister Doris Uzoka-Anite said the federal government grant was disbursed directly to beneficiaries’ accounts after proper verifications with a target to reach 1,000,000 small businesses in the 774 LGs and the 6 council areas in the Federal Capital Territory.

“The target is for one million nano businesses across the 774 Local Governments across the Federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.

“So far, the disbursement has hit about 100,000 small businesses and they have gotten the initial disbursement and the target remains one million. Disbursement is still ongoing and we are still waiting for data from across all the states and it is an ongoing process,” Doris Uzoka-Anite stated.

This development comes eight months after President Bola Ahmed Tinubu announced the federal government grant for manufacturers and small businesses, and two weeks after applicants were told to submit their NINs as part of the requirements to obtain the federal government grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.

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