Poised to turn around the economic fortunes of Nigeria, the Federal Government has set up three funds amounting to N200 billion.
The funds are to provide support for micro, small, and medium-sized enterprises (MSMEs) and nanobusiness owners.
Nano business is a form of business without a strategic business plan or short-term plan and no projection to expand.
The partnership between the Corporate Affairs Commission (CAC) and Moniepoint Micro Finance Bank on Wednesday resulted in the registration of an outstanding two million micro, small, and medium enterprises (MSMEs), effectively legitimizing their operations within the nation.
Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, said in a statement that the grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per local government area in the 774 LGAs across the nation and the six Council Areas in the FCT.
He said: “The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.
“This is the grant component of the initiative, as beneficiaries are not required to pay it back. To be eligible, beneficiaries must own a Nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.
“They must also be willing to provide proof of residential or business address in their local government area and provide relevant personal and bank account information, including but not limited to, bank verification number (BVN) and national identification number (NIN) for verification of identity.
“The beneficiary must meet the application submission deadline for the scheme.”