The Federal Government of Nigeria, under the auspices of the Federal Ministry of Industry, Trade, and Investment, is introducing two initiatives aimed at mitigating the impact of the fuel subsidy removal: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
According to Dr. Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment, these programs seek to provide support to nano businesses, micro, small, and medium enterprises (MSMEs), as well as manufacturers. Nano businesses are set to receive grants of N50,000, while MSMEs and manufacturers can access loans of up to N1 million and N1 billion, respectively.
Targeting specific demographics, the programs allocate 70% of beneficiaries to women and youth, 10% to people with disabilities, 5% to senior citizens, with the remaining 15% distributed among other groups.
Eligible businesses falling under categories such as traders, food services, ICT, transportation, creatives (including makeup artists, fashion designers, and dry cleaners), and artisans (such as vulcanizers, shoemakers, painters, and repairers) can apply.
To qualify for the grants, businesses must meet specific criteria, including owning a nano business, demonstrating progressive economic potential, being willing to expand operations, and meeting the application submission deadline. Interested applicants are directed to visit the website fedgrantandloan.gov.ng and follow the application process to access the financial support provided by these government initiatives.
