The Federal Government has disbursed over N1 billion to support nano businesses in Borno State through its Presidential Conditional Grant Scheme (PCGS).
The Bank of Industry Manager in Borno, Mukhtar Musa disclosed this at a town hall meeting with prospective beneficiaries of the scheme in Maiduguri on Friday.
Musa announced the portal’s opening for fresh applicants for the Presidential Grants and Loan Scheme for MSMEs nationwide. He urged applicants to apply promptly, as applications would be processed on a first-come-first-serve basis.
According to Musa, the initiative is part of the Federal Government’s interventions following the removal of fuel subsidy.
He noted that the scheme has directly benefitted 26,540 small-scale entrepreneurs across the state’s 27 local government areas.
He stated that “The Federal Government has disbursed over N40 billion from the approved N50 billion to support nano businesses across the 774 local government areas in Nigeria.
“The PCGS, implemented in collaboration with state governments and facilitated by the Bank of Industry, aims to uplift traders, ICT operators, food service providers, transporters, and artisans with N50,000 grants per beneficiary.
“The scheme targets one million beneficiaries, with a focus on empowering women and youth, who account for 70% of the beneficiaries. Additionally, 10% of the funds have gone to persons with disabilities, 5% to senior citizens, and 15% to other demographic groups.
“As of now, 810,945 beneficiaries have been supported across the country, leaving approximately N10 billion to be disbursed.
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“The initiative has provided critical support to various sectors in Borno State, including traders, artisans, ICT operators, food service providers, and transporters,” he said.
Borno Governor Babagana Zulum, represented by Dr. Abubakar Muhammed, Permanent Secretary Establishment and Service Matters, praised the scheme, noting that it represents a critical component of the Federal Government’s commitment to supporting local economies and vulnerable groups.
“The PCGS initiative in Borno will boost small businesses, create employment opportunities, and contribute to the overall economic recovery of the state,” he added.
Two of the beneficiaries, Babagana Ibrahim and Hamsatu Bukar, commended the Federal Government for the programme, saying the loan they received has boosted their business. They encouraged small-scale business owners to apply, as it is a genuine loan.
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