CurrentReport Blog In a significant move to bolster the growth of nano businesses across Nigeria, the Federal Government has initiated the disbursement of the N50,000 Presidential Conditional Grant Scheme, commonly known as the Trade Grants Scheme. This pivotal announcement was made via a press statement issued by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, in Abuja.
Nano businesses, identified by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3 million, stand as the primary beneficiaries of this groundbreaking initiative. The strategic focus on nano enterprises underscores the government’s commitment to uplifting the grassroots economy and fostering entrepreneurship at the grassroots level.
According to reports from Saturday Telegraph, the disbursement process has already commenced, with numerous beneficiaries having received their grants. Minister Uzoka-Anite emphasized the phased disbursement strategy, ensuring a gradual and systematic distribution of funds to maximize impact and effectiveness.
In response to this development, Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commended the government’s decision to provide concessionary financing for manufacturers. He underscored the importance of such initiatives, particularly in light of the prevailing high cost of funds resulting from monetary policy tightening.
