BoI Confirms Disbursement of N38.7bn to 774,593 Nano Businesses
Samuel Mobolaji
The Bank of Industry (BOI) has announced the successful disbursement of over N38.7 billion through the Presidential Conditional Grant Scheme, commonly known as the Trade Grant Scheme.
In a circular released on Sunday, BOI confirmed that a total of 774,593 individuals and businesses have benefited from this initiative, aimed at supporting nano businesses across Nigeria.
The Presidential Conditional Grant Scheme serves as a palliative measure to assist small businesses, targeting a total of one million beneficiaries, each set to receive N50,000. This scheme is administered under the Ministry of Industry, Trade and Investment, with the Bank of Industry facilitating the process.
In its statement, the Bank emphasized that the ongoing disbursement under the scheme is crucial for empowering nano businesses and enabling them to scale their operations.
The targeted nano businesses encompass a variety of sectors, including traders such as corner shop owners and petty traders, food services like food and vegetable vendors, ICT-related businesses such as business centre operators and recharge card vendors, transportation services including wheelbarrow pushers and independent dispatch riders, and creative professions like makeup artists and fashion designers, along with various artisans such as shoemakers and repairers.
This initiative is part of the Presidential Palliatives Programme, designed to aid small businesses in light of the recent subsidy removal. Launched in December 2023, the federal government began distributing funds to beneficiaries in April 2024.
Notably, the scheme allocates 70 per cent of the grants to women and youth, 10 per cent to individuals with disabilities, 5 per cent to senior citizens, and the remaining 15 per cent to other groups.
So far, more than 700,000 individuals have benefitted from the scheme, while over 200,000 applicants are still awaiting their grants.
About The Author
