Vice President Kashim Shettima recently announced that President Bola Ahmed Tinubu has directed the federal government to give a grant of N150,000 to each owner of Micro, Small, and Medium Enterprises (MSMEs). This grant is aimed at supporting small business owners across Nigeria. The announcement was made during the launch of the 3rd edition of the Expanded National MSMEs Clinic in Ado Ekiti, the capital of Ekiti State.
Grant Details
President Tinubu’s directive ensures that each MSME owner receives an outright grant of N150,000. This means that beneficiaries do not need to repay the grant. The initiative is part of the government’s efforts to support small businesses and boost the economy.
Grant Details in Table
| Grant Information | Details |
|---|---|
| Grant Amount | N150,000 |
| Beneficiaries | Micro, Small, and Medium Enterprises (MSMEs) owners |
| Repayment | Not required |
| Announced by | Vice President Kashim Shettima |
| Announced at | Expanded National MSMEs Clinic in Ado Ekiti |
Purpose of the Grant
The purpose of this grant is to help MSME owners manage their business expenses and overcome financial challenges. The government recognizes the crucial role that small businesses play in the economy and aims to support them through this initiative.
Expanded National MSMEs Clinics
The Expanded National MSMEs Clinics are part of the federal government’s strategy to improve the business environment in Nigeria. These clinics are organized in different cities to provide solutions to the challenges faced by MSMEs. The first and second editions were launched in Benue and Ogun States earlier this year.
Key Features of the Clinics
- Location: Held in various cities across Nigeria
- Purpose: Address challenges faced by MSMEs
- Previous Editions: Benue and Ogun States
Launch Event in Ado Ekiti
During the launch event in Ado Ekiti, Vice President Shettima inaugurated the Ekiti State Ultra-Modern Fashion and Garment Hub at the Odua Textile Complex. This hub is expected to create around 48,000 jobs annually and boost the local fashion industry.
Ekiti State Fashion Hub Details
| Feature | Details |
|---|---|
| Location | Odua Textile Complex, Ado Ekiti |
| Job Creation Estimate | 48,000 jobs annually |
| Products | Fashion gear, military uniforms |
| Management | Private sector entity |
| Equipment | Over 300 modern machines |
Future Plans
The initiative will move next to Borno and Enugu States before culminating in the National MSME Awards in the Federal Capital Territory (FCT) on June 27, 2024. This event will commemorate the United Nations World MSME Day.
Government’s Commitment
Vice President Shettima emphasized the government’s commitment to expanding the labor market and supporting small businesses. He highlighted the importance of small businesses as a pillar of stability during economic transitions.
Inauguration of Other Projects
In addition to the fashion hub, the Vice President also inspected the Adire Ekiti Hub and other exhibition stands showcasing locally made products. He announced that another modern ICT facility will be established in Ado Ekiti, which is expected to be completed within 90 days.
Additional Projects
| Project | Details |
|---|---|
| Adire Ekiti Hub | Inspected by Vice President |
| New ICT Facility in Ado Ekiti | To be completed in 90 days |
Conclusion
The N150,000 grant for MSME owners is a significant step by the federal government to support small businesses in Nigeria. The Expanded National MSMEs Clinics and other initiatives demonstrate the government’s commitment to improving the business environment and supporting economic growth. By providing financial assistance and addressing the challenges faced by MSMEs, the government aims to empower small business owners and enhance their contributions to the economy