FG Directs N150,000 Govt Grant Be Given to Each MSME Owner

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 InformationDetails
Grant AmountN150,000
BeneficiariesMicro, Small, and Medium Enterprises (MSMEs) owners
RepaymentNot required
Announced byVice President Kashim Shettima
Announced atExpanded 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.

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Ekiti State Fashion Hub Details

FeatureDetails
LocationOdua Textile Complex, Ado Ekiti
Job Creation Estimate48,000 jobs annually
ProductsFashion gear, military uniforms
ManagementPrivate sector entity
EquipmentOver 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

ProjectDetails
Adire Ekiti HubInspected by Vice President
New ICT Facility in Ado EkitiTo 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

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