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In a strategic move to counterbalance the effects of the fuel subsidy removal, the Federal Government of Nigeria, under the stewardship of the Federal Ministry of Industry, Trade, and Investment, is introducing two groundbreaking initiatives—the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme. Dr. Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment, highlights that these programs aim to provide relief to businesses affected by the subsidy removal. Nano businesses stand to benefit from a N50,000 grant, while Micro, Small, and Medium Enterprises (MSMEs) and manufacturers can access loans of up to N1 million and N1 billion, respectively.

Who Can Apply? The target beneficiaries include 70% women and youth, 10% people with disabilities, 5% senior citizens, and the remaining 15% distributed among other demographics. Businesses falling into six categories—Traders, Food Services, ICT, Transportation, Creatives (such as makeup artists, fashion designers, and dry cleaners), and Artisans (including vulcanizers, shoemakers, painters, and repairers)—are eligible to apply.

Grant Eligibility Criteria: Applicants must own a nano business, operate a business with progressive economic potential, and express a commitment to business growth. Further criteria include a willingness to hire additional staff if turnover increases, providing proof of residential/business address in the Local Government Area, and furnishing relevant personal and bank account information, including Bank Verification (BVN) for identity verification. Eligible applicants can submit their applications through the official website, fedgrantandloan.gov.ng, by clicking on 'apply for grant.'

This initiative marks a significant stride towards economic recovery, with a focus on inclusivity and support for businesses most impacted by the fuel subsidy removal. Aspiring entrepreneurs and business owners are encouraged to seize this opportunity and navigate the application process for these grants and loans.