BOI to disburse FG’S N200 billion intervention for businesses

THE Federal Government, through the Federal Ministry of Industr y, Trade, and Investment ( FMITI), has established three funds totaling N200 billion to support businesses across Nigeria.

The initiative will be deplo yed under the Presidential Conditional

Grant Scheme ( PCGS); the FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund.

Specifically, the Bank of Industry ( BOI) has been appointed as the executing agency of the funds, vested with the responsibility for its day- to- day administration.

The Presidential Conditional Grant Scheme ( PCGS) is a N50 billion grant scheme to support eligible nano business owners. The Grant will be disbursed to a minimum of 1,000 beneficiaries ( especially Women and Youths) per Local Government Area ( LGA) in the 774 LGAS across the

Nation and the 6 ( six) Council Areas in the FCT.

The target nano businesses include traders, food vendors, ICT businesses, transporters, artisans, creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back.

To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases; They must also be willing to provide proof of residential/ business address in their Local Government

Area, provide relevant personal and bank account information, including but not limited to Bank Verification Number ( BVN) and National Identification Number ( NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.