As part of the Federal Government's ongoing nationwide intervention to empower Micro, Small, and Medium Enterprises (MSMEs), Vice President Kashim Shettima has disbursed ₦250,000 in unconditional grants to outstanding small business owners in Ondo State.
The gesture was announced during the launch of the 7th edition of the Expanded National MSMEs Clinics in Akure. Shettima described the grants as a direct investment by the Nigerian people, through their government, in the champions of local industry.
"In line with President Tinubu's unwavering support for grassroots enterprises, 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 to the champions of local industry," Shettima said.
The Vice President highlighted the pivotal role of MSMEs in Nigeria's economy, accounting for over 90% of businesses, contributing more than 45% to GDP, and providing employment for over 60 million Nigerians.
The Tinubu administration places MSMEs at the centre of its economic policy, recognizing that no meaningful poverty alleviation can be achieved without the jobs and opportunities they create.
Other key interventions by the administration include:
- A ₦75 billion MSME Intervention Fund through the Bank of Industry
- A ₦50 billion Presidential Conditional Grant Scheme targeting one million nano businesses across Nigeria with ₦50,000 each
- A ₦75 billion Manufacturers Fund, offering up to ₦1 billion at a single-digit interest rate
Shettima urged small business owners in Ondo to fully utilize the opportunities at the clinic, seek guidance, engage agencies, and position their enterprises for growth.
Governor Lucky Aiyedatiwa of Ondo State reaffirmed his administration's commitment to MSME development, noting that his government's 7-point agenda has recorded successes across sectors.
The event was attended by dignitaries, including Ekiti State Governor Biodun Oyebanji, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, and the Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odii.