The Bank of Industry (BOI) says it has disbursed N37.8 billion through the Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme.
It said a total of 774,593 individuals and businesses have benefited from the scheme so far.
The Presidential Conditional Grant Scheme is a palliative initiative designed for nano businesses, with a target of reaching 1 million beneficiaries, each receiving N50,000.
The scheme Is administered under the Ministry of Industry, Trade and Investment, with the Bank of Industry facilitating the process.
The BOI said in a circular that “The disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, empowering nano businesses across Nigeria to scale their businesses.”
It listed business targeted under the scheme to include Traders: single retail marketers, corner shop owners, petty traders, and market men and women in open markets; food Services: Food and vegetable vendors; and ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents.
Others are transportation: Wheelbarrow pushers and independent dispatch riders; creatives: Makeup artists, fashion designers, and dry cleaners; and artisans: Vulcanizers, shoemakers, painters, and repairers.
The Presidential Conditional Grant Scheme (PCGS), also referred to as the trade grant scheme, is part of the Presidential Palliatives Programme designed to assist small businesses in the wake of the subsidy removal.
