The beneficiaries of the Federal Government’s N50,000 grant for nano business owners have commenced receiving credit alerts, as confirmed by Minister for Industry, Trade and Investment, Dr. Doris Uzoka-Anite. So far, over 200,000 small business owners have been beneficiaries, with an additional 800,000 expected to receive grants before the program’s conclusion on May 31st.
This initiative aims to reach a total of 1,000,000 Nigerians across the 774 local government areas. The selection process was conducted randomly from the 3.6 million applications received, with transparency ensured through NIN, BVN, and bank account verification to prevent duplication.
Dr. Uzoka-Anite emphasized that the disbursement is ongoing, with the Bank of Industry overseeing the process meticulously. The program, initiated in response to President Bola Ahmed Tinubu’s palliative measures following the removal of petrol subsidies, is a part of the government’s efforts to support micro, small, and medium-sized enterprises (MSMEs) and the informal sector. While acknowledging challenges faced by some beneficiaries in receiving alerts, the Minister assured that the verification process continues, with disbursements conducted in batches across all states and local governments.
Despite the overwhelming demand, the Minister clarified that not all 3.6 million applicants will receive grants due to budgetary constraints. However, she assured that the process is thorough and conducted meticulously to minimize errors, with no immediate plans for further grants beyond the current allocation.
