The Bank of Industry (BOI), under the leadership of the Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, has confirmed the successful disbursement of over N37.8 billion under the Presidential Conditional Grant Scheme (PCGS), commonly referred to as the Trade Grant Scheme. This significant milestone highlights BOI’s ongoing commitment to boosting Nigeria’s nano business sector.
The scheme, administered by the Bank of Industry under the Federal Ministry of Industry, Trade, and Investment, is designed to empower small-scale businesses across the country by providing financial assistance to nano businesses. Dr. Olasupo Olusi announced in a circular released on Sunday that the initiative has so far reached 774,593 beneficiaries, with each receiving a grant of N50,000. The ultimate goal of the scheme is to support one million businesses, creating a strong foundation for economic growth through small enterprises.
Olusi emphasized that the grant scheme is a critical component of President Bola Tinubu’s administration’s broader agenda to alleviate poverty, promote entrepreneurship, and create sustainable livelihoods. “The disbursement for the Presidential Conditional Grant Scheme is progressing successfully. This initiative empowers nano businesses across Nigeria to scale their operations, enhance their capacity, and contribute to the nation’s economic stability,” Olusi stated.
BOI’s role in facilitating the Trade Grant Scheme underscores its leadership in providing financial solutions that promote growth at all levels of the economy. Through strategic programs like this, Dr. Olusi and the BOI are working toward expanding access to capital for underserved businesses, which are vital to driving the country’s economic recovery.
The scheme has been lauded for its potential to stimulate micro-enterprise development, create jobs, and foster entrepreneurship in underserved regions. Under Olusi’s leadership, BOI continues to champion innovative solutions aimed at fostering inclusive economic growth, with nano businesses playing a crucial role in reducing unemployment and poverty across Nigeria.
By targeting smaller, more vulnerable businesses, the Trade Grant Scheme aligns with BOI’s broader mission of uplifting Nigeria’s micro, small, and medium enterprises (MSMEs). Dr. Olusi’s strategic leadership in overseeing the disbursement of these funds reflects his commitment to ensuring that the initiative reaches its intended beneficiaries efficiently, contributing to the long-term development of Nigeria’s economy.
Olusi has expressed confidence that the scheme will achieve its target of one million beneficiaries, creating a new wave of growth in Nigeria’s nano business landscape.
