Frequently Asked Questions and Answers About Presidential Conditional Grant Scheme (PCGS) Program
About The Scheme:
The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas.
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demograph
ics. CONTINUE READING
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The Target Sectors for the Scheme
Below are the business that are eligible to
apply to the scheme
Traders:
These include single retail marketers, corner shop owners, petty traders, market men and women in open markets.
Food Services:
These include food and vegetable Vendors
ICT:
These include business centre operators, battery chargers, recharge card vendors, call centre agents
Transportation:
These include wheelbarrow pushers, independent dispatch riders
Creatives:
These include makeup artists, fashion designers, drycleaners.
Artisans:
These include vulcanizers, shoemakers, painters, repairers
Frequently Asked Questions:
What is a 'nano business'?
Answer
A nano business is a very small-scale business entity, often operated by a single individual or a small team, and typically characterized by its limited size and scope.
A Nano business has asset value of value <1m and less than 4 employees with annual turnover <1m.
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What is a Bank Verification Number (BVN), and why is it needed for identity verification?
Answer
The Bank Verification Number (BVN) is an 11-digit biometric identifier introduced by the Central Bank of Nigeria for customers. It enhances security, reduces fraud, and streamlines financial services by providing a standardised means of verifying and authenticating individual's identities.
BVN links multiple bank accounts, aids in compliance with regulatory policies, and is used beyond banking for identity verification in various services.
BVN provides a unique identity for each beneficiary.
Do I need to have a registered business name to qualify for this opportunity?
Answer
No, The beneficiary is expected to register thereafter
When is the deadline for submitting the application for this opportunity?
Answer
18th December, 2023
What documents do I need to provide as proof of my residential/business address in the Local Government Area?
Answer
Submit business/Residential address with the closest land mark.
What personal and bank account information is required for this application?
Answer
Account number, Account Name and BVN
What does it mean to have a business with 'progressive economic potential'?
Answer
A business that has the ability to create jobs and increase wages
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Activities:
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demogra
phics. Apply Now
Method for How To Apply:
Thank you
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