NG CARES INTERVENTION PROGRAM 2021
The effects the coronavirus pandemic has had on Africa’s largest economy is starting to show.
Nigeria’s economy contracted by 6.1% year on year in the second quarter of this year, latest reports from Nigeria’s statistics bureau show.
The dip follows thirteen quarters of positive but low growth rates. The -6.1% decline is also Nigeria’s steepest in the last 10 years.
As with most other economies around the world, the sharp drop in Nigeria’s GDP growth is largely down to the slowdown in economic activity after the country resorted to a lockdown back in April to curb the spread of the virus.
In the wake of the pandemic the World Bank forecast a decline of -3.2% for 2020—a five percentage point drop from its previous projections.
See also Imo State Empowerment Programme 2021
The Nigeria covid-19 recovery and economic stimulus (NG-CARES) programme is an intervention that is designed to restore the livelihoods of the poor and vulnerable Citizens, maintaining food security, and facilitating recovery of micro, small and medium business.
Each state will receive the sum of $20 million dollars over a period of two years while the FCT will get $15 million and the Federal Care Support gets $15 million with effect from June 30, 2021.
NG CARES Intervention Program 2021 Target Beneficiaries
Businesses indigenes of various States especially youth and women led businesses.
• Micro businesses (3-9 employees)
• Small businesses (10-50 employees)
INTERVENTION PROGRAM GRANT TYPE
a) Credit grant for existing businesses: This grant is expected to cover 40, of the amount of new loans originated after March 1st 2020.
b) Operational grant: This is to fund working capital requirements of businesses
Grant Sizes 1) Micro credit grant (Minimum N 100.000.00; Maximum N 500.000 00) 2) Small operational grant (Above N 500,000.00; Maximum N 2.500,000.00)
1) Proof of identification (NIN, Driver’s License, Voter’s Card. etc.)
2) Proof of residence (Utility Bills, Voters Card)
3) Proof of age (NIN, Voter’s Card, Driver’s License)
4) Proof of Bank Verification Number (BVN Printout duly stamped by the Bank)
5) Proof of business operations (Cash Book Register, Bank Statement etc.)
6) Proof of business ownership (CAC Registration Documents, TIN)
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CONTACT YOUR COMMUNITY CDC CHAIRMAN, WOMAN LEADER OR YOUTH PRESIDENT FOR REGISTRATION INFORMATION – Registration forms have been shared to these persons
PROGRAM availability for States
The PROGRAM is available for all 36 states especially;
CROSS RIVER STATE