Due to the state of the economy in Nigeria currently, it is more difficult for the citizens to sustain due to the rise of food commodities. The Federal Government (FG) is working tirelessly to reduce the economic challenges, and one of the steps is the current Presidential Conditional Grant Scheme (PCGS). This FG grant will distribute N50k to one million small-scale businesses (nano-businesses) nationwide.
The FG grant is expected to cover all 36 states, comprising 774 local government areas. The aim is to empower the youths, women, men, and disabled individuals in the country. The disbursement process is ongoing, and many citizens have yet to receive their grants.
Some citizens are still surprised about this ongoing FG grant while some ask if it is real. But the answer remains “yes” it is real. As of the end of May, it is estimated that 414,751 citizens from the 774 local governments have received this grant. That shows not up to half of the estimated number of targeted citizens (1 million) have received this grant. This FG grant came after the removal of fuel subsidies which elevate the cost of living in the country.
The scheme is meant to send N50,000 to eligible candidates who will apply for the grant directly into their bank account with no aim of returning the money either with interest or the actual amount. The program is implemented in phases, with several beneficiaries already received their funds, while others await the next rounds of disbursement​. This grant scheme is crucial and will be beneficial mostly to small business owners who are fighting to stabilize their businesses due to the rising costs of goods and economic challenges in the country currently.
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How Can i Get this FG Grant Faster
Since not every Nigerian citizen will get this FG grant because the number of required individuals is limited, it is important to know the kind of people who will have a high chance of receiving the grant. Ways to maximize your chances include:
- You should own a small business: This will make them believe that you have an existing business this money will go into when you receive it rather than using it for your personal needs.
- Operate a business that has economic potential, and progress: Operate a business that will grow with time. Show the kind of business you do if it’s a business that will benefit the citizens and help in growing the economy.
- You should have the desire and plans to grow the business: Your interest and passion you have in the business also matter a lot. You have to show seriousness and plans you have to grow the business.
- You should be willing to employ at least one staff member if turnover increases: This is to know if you have the intention of creating job opportunities through your business, which on the other hand serves as a means of reducing the rate of unemployment in the country.
- Provide proof of your resident and business address in your local government: It will prove that your business exists and that you are not looking for ways to take the grant and solve personal problems.
- Apply early: Early birds will be considered at first. Applying early will maximize your chance of being selected but only if you meet the requirements.
Target Business for the FG Grant
The businesses that are mostly considered for this FG grant include:
- Trader: This includes retail marketers, grocery store owners, fashion store owners, etc.
- Food Services: Restaurants, cafes, catering services, bakeries, vegetable vendors, and pastry shops are considered.
- Creativity: Fashion designers, hairdressers, barbing salons, dry cleaners, interior design/home decor etc.
- ICT: Business center operators, battery chargers, recharge card vendors, call center agents, cyber cafes, graphic designers, web developers, recharge card vendors, Phone and computer repairers, etc.
- Transportation: This area involves wheelbarrow pushers, independent dispatch riders, keke drivers, commercial bus drivers, etc.
- Artisans: These include vulcanizers, shoemakers and repairers, painters, plumbing, electrical, and carpentry services, etc.
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How Can i Apply for the FG Grant
The application for this grant does not require any fee or a long process, follow the steps below to apply:
- Go to the FG grant website and create your grant account: www.grant.fedgrantandloan.gov.ng.
- Select your type of business, fill out and submit the application form online.
- Be patient and wait for your grant.
Factors Likely to Delay Your FG Grant Application
- If The name on your NIN did not match with the one in your BVN.
- If your date of birth in NIN differ from the one in your BVN.
- If there is a mistake in the data you entered during your application. Ensure you review your information before submitting application.
Verification and Requirements for the Grant
Looking at the kind of individuals in the country and considering this is a government fund, people will find a way to compromise the scheme, this act can be through registering multiple accounts which will lead to one individual receiving this grant multiple times while others have not yet received it at all.
Therefore, to ensure transparency and effective allocation, the Federal Government has implemented a stringent verification process. This involves using BVN and NIN verification to ensure that one individual does not receive the grant multiple times. This process is important to prevent fraud and ensure that the funds reach the intended recipients as well.
NIN is an essential requirement for this FG grants program. Candidates who have already filled out the form should update their NIN through this site: www.grant.fedgrantandloan.gov.ng/auth/nin/register.
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Conclusion
Always try your luck whenever you see such an opportunity, you do not need any money or connection to apply or to be eligible, the application is online. Do not say the money is little, it will go a long way in benefiting your small business. However if you do not have a small business you can start one now, it will grow with time, and apply for other government grants and loans to build up your business.