The Nano Presidential Grant is a federal government grant that has been distributed by the federal government in order to support micro businesses with no refund attached to it.
The purpose of the Nano Presidential Grant is to make sure that microbusinesses improve and are, through that, able to employ additional employees. The Nano Presidential Grant was to cushion the effect that recent economic reforms in Nigeria had on businesses across Nigeria.
It should be noted that the Nano Presidential grant was introduced by the administration of President Ahmed Bello Tinubu in its second year of administration.
What is the Nano Presidential Grant?
The Nano Presidential Grant is a federal grant that has been enabled by the federal government of Nigeria. The program is set to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive economic growth at different levels of government, from local government to federal government.
It should be noted that the Nano Presidential Grant is part of the President’s Palliative Grant program, but this is a different grant from the Presidential Palliative Grant. Unlike the Presidential Palliative Grant, the Nano Presidential Grant is only given to small businesses, while the Presidential Palliative Grant is for general people.
Unlike a loan, the Nano Presidential Grant is non-refundable once it has been disbursed, so it is like free capital to businesses.
The major beneficiaries of the Nano Presidential Grant are mainly nano businesses, petty traders, and micro businesses.
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Objectives of the Nano Presidential Grant
● Support for grassroots businesses
The Nano Presidential Grant helps support grassroots businesses by giving capital to micro businesses with no option of paying it back. The main focus of the Nano Presidential Grant is mainly for grassroots businesses.
● Poverty alleviation goals
The Nano Presidential Grant helps in the alleviation of poverty by providing capital that is needed for small business expansion, which can lead to the business employing unemployed people, hence reducing poverty, or an increase in wages and sales that comes as a result of business expansion.
● Economic stimulation at the micro level
The Nano Presidential grant helps stimulate the micro level by providing capital to the micro-level businesses.
Who Is Eligible for the Nano Presidential Grant?
● Nano businesses means businesses that are small in size. This form of business is usually operated by 1-10 employees.
● Eligible nano business groups include
● Trading
● Food Services
● ICT
● Transportation
● Creatives
● Artisan
● Priority groups include 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.
● Applicant must own a small progressive business with progressive economic potential and be willing to grow and engage or employ one additional member when necessary.
● Applicants must provide proof of residential/business address.
● Personal Information
● Active Bank Account
● Active National Identification Number (NIN)
● Bank Verification Number (BVN)
How to Apply for Nano Presidential Grant (Step-by-Step)
● Go to the official portal at https://grant.fedgrantandloan.gov.ng/
● Create an account if you don’t have one by inputting your personal details, including your full name, phone number, and email.
● Once logged in, input your BVN and NIN for verification and also provide your residential area and your business address.
● Provide business information as to which category you belong to and also what kind of goods/services you offer.
● Upload required documents, including your BVN and NIN and also your other documents.
● Provide your account details.
● Review the details you inputted and click on submit.
Nano Presidential Grant Amount
The Nano Presidential Grant amount is N50,000 for all beneficiaries across all local governments in Nigeria, and once again, as said above, it is non-refundable.
The beneficiaries receive their funds through the bank account you submitted on the application.
Common Reasons for Disqualification
● Incorrect personal details
Most applicant details at most times are usually incorrect and inconsistent, even with the name on their document; this can lead to disqualification, as they might think the person is a fraud.
● Multiple registrations
Multiple registrations can lead to disqualification, as the portal might flag you as a bot if you register twice, and that is why it is advisable that you only register once.
● Inactive or unverifiable business
Do not register your inactive business or a business that cannot be verified, especially through the Corporate Affairs Commission (CAC).
● Invalid bank information
Bank information submitted on the application form must be correct and also must be verified through the bank itself.
Benefits of the Nano Presidential Grant
● No Repayment Burden
The Nano Presidential Grant, unlike other loan programs, did not come with a payment burden.
● Boost for micro and nano businesses
The Nano Presidential Grant serves as a boost for micro- and nano-businesses by providing a small-sized capital to boost business.
● Financial Inclusion
Unlike a bank grant or other grant that has a selective demographic, the nano presidential grant is for everyone in Nigeria.
● Support for vulnerable entrepreneurs
Nano Presidential Grants provide support for vulnerable entrepreneurs who don’t have access to capital.
Challenges and Public Concerns About Nano Presidential Grant
● Limited slots vs. high demand
The grant has limited funds and slots compared to the number of applicants across Nigeria, which has made many applicants not receive the grant even if they apply for the grant.
● Verification delays
Verification can be a problem mainly because of the large numbers of applications that have been received.
● Fraud and fake portal warning
The application at most times is often a phishing link that is portrayed by scammers to scam applicants out of their money.
Frequently Asked Questions (FAQs)
● Is the Nano Presidential Grant real?
Yes, the Nano Presidential Grant is real.
● Is it a loan or free grant?
Free grant, and it is non-refundable.
● Can I apply without CAC registration?
Yes, you can, but make sure that the business can be verified.
● Can I apply more than once?
No. Applying more than once for the Nano Presidential grant can lead to disqualification.
Conclusion
The nano presidential grant provides a small means of capital for micro and nano businesses across Nigeria. It should be noted that the grant is free and non-refundable.
Applicants must be wary of phishing links online and use the official portal only for the application process.
