Grants

Update on Disbursement: N50,000 Grant Program for Nano Businesses

The N50,000 grant program for nano businesses, which is open to one million applications nationally, is still running, according to the Federal Ministry of Industry, Trade and Investment. It is anticipated to wrap up by the end of this month.

This update was given by the Minister in charge of the program, Doris Uzoka-Anite, via a Frequently Asked Questions (FAQ) circular that was posted on her official X (formerly Twitter) account.

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While the application time has concluded, Uzoka-Anite assured applicants that the disbursement procedure is still in operation and that successful beneficiaries will continue to get alerts until the end of May.

There is now no need for applicants to take any more action, she highlighted, adding that the payments are being made in phases.

Further, the Minister emphasized that the initiative is intended to cover a certain number of beneficiaries, meaning that just one million applications out of around 3.6 million will be eligible to receive the funds.

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With the goal of distributing funding to around 1,290 individuals per local government area (LGA) across the nation—a total of one million recipients—the selection procedure for payment proceeds in the order that applications are confirmed.

According to Uzoka-Anite, the National Identification Number (NIN), which was previously only needed for the Bank Verification Number (BVN) but became required after the initial application step, must be verified before any payments can be made.

She underlined that individuals who have successfully completed both NIN and BVN verification are chosen at random through an automated procedure that does not include human participation.

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Lastly, the Minister restated that the cash allotted to nano businesses determines whether the initiative would reach its one million participant level or not.

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