In furtherance of the ongoing efforts to empower Micro Small and Medium Enterprises (MSMEs) across the country, the federal government, has disbursed N250,000 unconditional grants each to outstanding business owners in Ondo State.
Vice President Kashim Shettima, who announced the disbursement of the grants on Tuesday during the launch of the 7th Expanded National MSME Clinics in Akure, the Ondo State capital, said creating an enabling environment for MSMEs in Nigeria is central to the economic policy of the Renewed Hope administration of President Bola Ahmed Tinubu.
According to a statement by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha,
Senator Shettima described the ₦250,000 grant as a gift from Nigerians, through their government, to the champions of local industry.
“I am also pleased to announce today, in line with President Tinubu’s unwavering support for grassroots enterprises, that every outstanding exhibiting MSME identified during this clinic will receive an unconditional grant of ₦250,000.
“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry. It is our way of saying: we see you, we value you, and we believe in your journey,” he declared.
The Vice President noted that because MSMEs account for over 90 per cent of businesses in Nigeria, contributing over 45 per cent to the national economy and employing more than 60 million Nigerians, they are not only economic actors but also “the silent architects of survival, the lifelines of households, the pulse of every community”.
Explaining why MSMEs are central to the economic policy of the Tinubu administration, VP Shettima maintained that while they are the true engine of poverty alleviation, no sustainable effort to reduce poverty could be achieved without the jobs and opportunities they create.
Nigeria’s national prosperity, according to the VP, is entwined in the success of MSMEs, and the nation cannot grow its economy without empowering them.
He continued: “This is why the Renewed Hope Agenda of President Bola Ahmed Tinubu places the creation of an enabling environment for MSMEs at the heart of our economic policy. It is not rhetoric. It is a call to action. It is a covenant with the builders of our future.
“This administration is deliberate in walking the talk, and one of the ways we do so is through platforms such as the MSME Clinics, conceived to draw the Federal Government closer to the creators of jobs, the innovators, the dreamers who make things happen in our communities.”
Underscoring the essence of launching the Expanded MSMEs Clinic in Ondo State, the Vice President said they offer small businesses in the state an unprecedented opportunity “to engage directly with regulatory agencies, financial institutions, and business support organisations.”
Senator Shettima also outlined other interventions under the President Tinubu administration to include the creation of a N75 billion MSME Intervention Fund being administered by the Bank of Industry (BoI), N50 billion Presidential Conditional Grant Scheme to support one million nano businesses across the 774 local government areas of Nigeria with grants of ₦50,000 each, and N75 billion Manufacturers Fund for manufacturers to access up to N1 billion in funding at a 9 percent interest rate.
He said the idea is to ensure the challenges of small business owners “find answers, not in theories or wishful thinking, but in real-time, face-to-face, problem-solving conversations.”
The VP assured that MSMEs remain the centre of economic vision of the Tinubu administration, urging small business owners “to take full advantage of the opportunities before them by engaging with the agencies present, seeking guidance, asking questions, and seizing every chance to elevate their businesses.
He thanked the government of Ondo State for its partnership on investments in infrastructure, commending the state’s commitment to policies that welcome innovation and enterprise, as well as its support for local industry, which align perfectly with the federal government’s “broader agenda for a prosperous, inclusive economy.”
Earlier, the Governor of Ondo State, Dr Lucky Aiyedatiwa, said the state government is also in alignment with the initiative of the federal government to drive MSME development and is implementing schemes that have enabled small businesses to address challenges inhibiting their growth.
He pointed out that his administration’s 7-point agenda, which prioritises MSME growth and development, has been impactful and has resulted in successes across different sectors of agriculture, manufacturing, and fashion, among others.
Acknowledging the determination of President Tinubu and Vice President Shettima to support growth in the sector, Governor Aiyedatiwa said, “Your presence here today demonstrates your unwavering commitment to the development of our state and key sectors of our nation’s economy. “Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses across our country, and we remain grateful.”
