FG to Begin ₦50,000 Presidential Grant Phase Two, Targets 1 Million Beneficiaries
The Federal Government of Nigeria is preparing to launch Phase Two of the ₦50,000 Presidential Conditional Grant Scheme (PCGS), aiming to support 1 million additional nano businesses across the country. This follows the success of Phase One, which empowered thousands of small-scale entrepreneurs.
What Is the ₦50,000 Presidential Grant?
The Presidential Conditional Grant Scheme is part of Nigeria’s economic palliative program designed to uplift small businesses and households. Beneficiaries receive a ₦50,000 one-time grant, with no repayment required, to ease financial pressure and grow their ventures.
Priority sectors include:
- Traders and market women
- Food vendors
- ICT operators
- Transport workers
- Creative and artisan businesses
Who Can Benefit?
In Phase Two, the grant will target 1 million nano businesses nationwide, with allocations as follows:
- 70% for women and youth
- 10% for persons with disabilities
- 5% for senior citizens
- 15% for other demographics
This structure ensures inclusivity and fairness in distribution.
Lessons from Phase One
- Over 150,000 beneficiaries received ₦50,000 within the first week of disbursement.
- The digital random selection process ensured transparency, eliminating human bias.
- Despite 3.6 million applicants, only 1 million beneficiaries were chosen, showing the high demand and competitiveness of the scheme.
Why This Matters for Small Businesses
The ₦50,000 grant provides immediate relief for entrepreneurs battling high inflation and rising costs of goods. It can help:
- Boost stock for traders
- Support food vendors with equipment or ingredients
- Provide working capital for artisans
- Strengthen small ICT and transport operations
This initiative not only uplifts individuals but also strengthens Nigeria’s broader economy.
How to Prepare for Phase Two
- Stay informed: Watch official updates from the Ministry of Industry, Trade & Investment, Bank of Industry (BOI), and SMEDAN.
- Get your documents ready: Ensure NIN, BVN, and proof of residence are valid.
- Apply via the official portal: grant.fedgrantandloan.gov.ng will likely be used again.
Final Thoughts
The launch of the ₦50,000 Presidential Grant Phase Two presents another opportunity for nano businesses across Nigeria. With transparent processes, inclusive targeting, and direct financial support, this initiative could provide real economic relief for millions of households and entrepreneurs.
If you missed the first round, now is the time to get prepared for Phase Two.