Apply Now: FG Offers N50k Small Business Grants to Nigerians, Targets Nano Entrepreneurs
- The Nigerian government, via SMEDAN, is offering small business owners a business grant of N50,000
- The grant aims to stimulate economic growth and job creation in Nigeria, while boosting small businesses
- Beneficiaries are expected to submit documentation and proposals detailing their growth strategies, including employment plans
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDA) has launched a series of strategic schemes to support entrepreneurs, drive economic growth and boost the capacities of MSMEs nationwide.
The SMEDAN Conditional Grant Scheme for Micro Enterprises is targeted at nano and small businesses.
Source: Getty Images
SMEDAN to support nano businesses
The scheme supports nano businesses by providing conditional financial grants for workforce support and equipment procurement.
It was also created to spur job creation and business sustainability at the grassroots level.
such as kiosks, vulcanisers, recharge card sellers, petty traders, and others.
According to reports, beneficiaries will receive aid tailored to their business needs.
Every nano business will receive N50,000 on the condition that each employs at least one person to promote employment and boost local economies.
How to apply for the CGS
MSME Africa reports that interested business owners can apply via dedicated channels, such as online portals, application forms, and designated government offices.
They are required to submit documentation and project proposals regarding the scheme’s guidelines.
Beneficiaries must employ one person
The scheme may support projects or activities that boost the competitiveness, productivity, and sustainability of MSMEs.
They include investments in technology upgrades, infrastructure development, capacity building, market expansion, and innovation schemes.
Reports say the grant is fixed at N50,000 per beneficiary.
Participating micro-enterprises can expect various benefits, including improved business performance, increased competitiveness, enhanced market access, job creation, and overall growth and development of the enterprise.
FG launches N250,000 business grant
The SMEDAN scheme comes as the Nigerian government aims to stimulate small business growth nationwide.
A recent report by Legit.ng disclosed that Nigeria’s Vice President, Kashim Shettima, unveiled the Federal Government’s state-of-the-art information, communication and technology centre for Micro, Small and Medium Enterprises (MSME) in Cross River state.
This is part of the current administration’s drive to empower entrepreneurs with tools and skills for work.
FG gives N250,000 grants to business owners
The unveiling also coincided with the 8th Expanded National MSME Clinics, which brought together federal government agencies, such as CAC, NAFDAC, BOI, and SMEDAN, to tackle business owners’ challenges on-site.
According to MSME Africa, the Vice President disclosed that each outstanding MSME at the unveiling will get an unconditional N250,000 grant, saying that the fund is not a loan but a gift to accelerate their journey.
Source: Getty Images
Shettima also outlined other interventions, such as N75 billion MSME Intervention fund through the Bank of Industry, N50 billion Presidential Conditional Grant Scheme for one million nano businesses, N75 billion manufacturers’ fund, with each manufacturer getting up to N1 billion at low interest.
How to apply for FG's Presidential Conditional Grant scheme
Legit.ng earlier reported that the Nigerian government recently announced the takeoff of the Presidential Conditional Grant Scheme to nano businesses across the country as part of the Presidential Palliative Programme.
According to the Nigerian government, the grant sum is about N50,000 per beneficiary and is designed to reach one million petty businesses nationwide in all 774 local government areas.
In an earlier report by Legit.ng, the Nigerian government earmarked N150 billion for nano businesses and the manufacturing sector across the country.
Source: Legit.ng
