North West leads with N9.3 bn disbursed to 187,212 beneficiaries 

….as BOI disburses over N38.7 bn to 774,593 nano businesses under PCGS

The Bank of Industry (BOI) has confirmed the disbursement of over N38.7 billion through the Presidential Conditional Grant Scheme (PCGS), known as the Trade Grant Scheme.

The initiative, overseen by the Ministry of Industry, Trade, and Investment, aims to uplift nano businesses across Nigeria, to reach 1 million beneficiaries.

So far, 774,593 individuals and businesses from the 774 Local Government Areas (LGAs) have benefited from the scheme, receiving grants of N50,000 each. These funds are intended to help small traders, artisans, and other nano businesses expand their operations.

According to the BOI, the scheme has already disbursed significant amounts across Nigeria’s six geopolitical zones. The North West region leads in terms of beneficiaries, with 187,212 individuals receiving a total of N9.3 billion. Other disbursements include:

• North Central: N6.2 billion for 124,108 beneficiaries
• North East: N5.5 billion for 111,808 beneficiaries
• South East: N4.6 billion for 92,319 beneficiaries
• South-South: N5.6 billion for 113,900 beneficiaries
• South West: N7.2 billion for 145,246 beneficiaries

The initiative targets various sectors, including traders, food vendors, ICT-related businesses, transportation services, creatives, and artisans. Beneficiaries include petty traders, market vendors, food and vegetable sellers, business centre operators, dispatch riders, and artisans such as shoemakers, vulcanizers, and painters.

In a statement on its official X (formerly Twitter) handle, the BOI emphasized the importance of the scheme in empowering nano businesses, saying, “The disbursement for the Presidential Conditional Grant Scheme (PCGS) is underway, empowering nano businesses across Nigeria to scale their businesses,”

As the BOI continues the disbursement process, the initiative is expected to provide more small businesses with the support needed to thrive, contributing to economic growth and poverty alleviation across the country.