PCGS Loan and Grant Disbursement Will Start Soon | Check Post for More Details
PCGS Loan and Grant Disbursement Will Start Soon
The Federal Government of Nigeria has announced the commencement of the Presidential Conditional Grant Scheme (PCGS) to support nano businesses and MSMEs in the country. The scheme is part of the Presidential Palliative Program to alleviate the effects of the fuel subsidy removal and the COVID-19 pandemic on the economy. Continue Reading...
According to the Minister of Trade and Investment, Mr. Niyi Adebayo, the PCGS will provide grants of N50,000 to one million nano businesses across the 774 local government areas in Nigeria. The scheme will also offer loans ranging from N500,000 to N1 million to MSMEs and manufacturers, with a repayment period of 12 months and an interest rate of 5%. Continue Reading...
The minister said that the PCGS is aimed at empowering the informal sector, creating jobs, and boosting the production capacity of the country. He added that the scheme will target 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% will be distributed to other demographics.
The minister also revealed that the PCGS will be implemented in collaboration with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives members, who will use the Federal Government’s selection criteria to shortlist the beneficiaries from their constituents.
The minister urged all eligible beneficiaries who meet the selection criteria to apply for the PCGS through the official website 1 before the deadline of Monday, 18th December, 2023. He assured that the disbursement of the grants and loans will start soon after the verification of the applications.
The minister expressed his optimism that the PCGS will have a positive impact on the economy and the livelihoods of Nigerians. He also thanked President Muhammadu Buhari for his visionary leadership and his commitment to the welfare of the citizens.
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