The federal government, through the Presidential Conditional Grant Scheme (PCGS), has disbursed ₦1.322 billion to bolster nano-businesses in Borno State.
The initiative which was part of interventions by the presidency following the removal of fuel subsidy, has directly benefitted 26,540 small-scale entrepreneurs across the state’s 27 local government areas.
Borno State Governor Babagana Zulum, disclosed this at a Federal Government town hall meeting on loan and grant scheme held in Maiduguri on Friday.
Zulum represented by Dr. Abubakar Muhammed, Permanent Secretary Establishment and Service Matters, said that the grants was facilitated by the Bank of Industry in collaboration with the Borno State Government.
He said that the scheme aim to empower traders, artisans, ICT operators, food service providers, and transporters with ₦50,000 each to enhance their operations.
He explained that the disbursement in Borno State represents a critical component of the Federal Government’s commitment to supporting local economies and vulnerable groups.
“With a total of 810,945 beneficiaries nationwide, the program ensures that Borno’s entrepreneurs receive the necessary support to thrive in challenging economic times,” he said.
According to him, the PCGS initiative in Borno is expected to boost small businesses, create employment opportunities, and contribute to the overall economic recovery of the state, which continues to rebuild in the aftermath of insurgency and other challenges.
Mr Muktar Musa, State Manager of the Bank of Industry Maiduguri, said the federal government had disbursed over ₦40 billion from the approved ₦50 billion to support nano businesses across the 774 local government areas in Nigeria.
Musa said the scheme, introduced as part of interventions following the removal of fuel subsidy, targets one million beneficiaries.
The PCGS, implemented in collaboration with state governments and facilitated by the Bank of Industry, aims to uplift traders, ICT operators, food service providers, transporters, and artisans with ₦50,000 grants per beneficiary.
While highlighting the progress of the scheme, he noted that North West states received the highest disbursement of ₦10 billion, followed by North Central with ₦6.6 billion, and North East with ₦5.9 billion. South East benefitted from ₦4.8 billion, while other zones are awaiting final reports.
He said a breakdown of the disbursements reveals that 70% of the beneficiaries are women and youth, with a deliberate focus on empowering these demographics.
