Shoemakers, make-up artists and other artisans are among the eligible target sectors for the latest economic empowerment loan.
The Federal Government of Nigeria under the supervision of the Federal Ministry of Industry, Trade and Investment, is rolling out two initiatives; the Presidential Conditional Grant Programme & the Presidential Palliative Loan Programme.
The minister of Industry, Trade and Investment, Dr Nkiruka Uzoka-Anite, said the programmes aim to alleviate the effects of the fuel subsidy removal.
Nano businesses will receive N50,000 grant, while MSMEs and manufacturers will access loans up to N1 million and N1 billion respectively.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
Who Can Apply?
Businesses that fall into the six categories below can apply.
1. Traders (retail marketers, petty traders, corner shop owners)
2. Food services (food and vegetable vendors)
3. ICT (battery chargers, call centre agents)
4. Transportation (wheel-barrow pushers, independent dispatch riders)
5. Creatives (makeup artists, fashion designers and dry cleaners)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
Eligible applicants should visit the website fedgrantandloan.gov.ng and click ‘apply for grant.’
