In a continued effort to support Micro, Small, and Medium Enterprises (MSMEs), the federal government has disbursed grants of N150,000 to business owners in Enugu State.
The initiative, directed by President Bola Tinubu, was announced by Vice President Kashim Shettima during the launch of the 5th Expanded National MSME Clinic in Enugu on Thursday.
At the event, Vice President Shettima also commissioned Nigeria’s largest ultra-modern MSME Fashion Hub, highlighting President Tinubu’s commitment to fostering a conducive business environment for MSMEs to thrive.
The grant, an outright award with no repayment requirement, aims to ease financial pressures on small businesses and boost economic growth.
“The grant reflects our administration’s dedication to supporting MSMEs and driving economic progress,” Shettima stated, emphasizing the importance of small businesses, which account for 96% of all enterprises in Nigeria.
The 5th MSME Clinic, part of a federal initiative to address challenges faced by small businesses, provides a platform for direct engagement with regulatory bodies. Earlier clinics were held in Benue, Ogun, Ekiti, and Jigawa States.
Shettima also praised the newly commissioned Fashion Hub, which is expected to create 48,000 jobs and meet global standards for fashion manufacturing, calling it a “stepping stone” for economic advancement in the state.
Speaking during the launch, the Vice President, in a statement by his spokesperson Stanley Nkwocha, noted that the N150,000 grant has no repayment requirement and reflects the Tinubu administration’s commitment to nurturing MSMEs and fostering economic growth.
“Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event. Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth,” Shettima stated.
Senator Shettima expressed satisfaction with the federal government’s efforts to support MSMEs, noting that small businesses are crucial to a thriving economy. He praised the Tinubu administration’s policy choices, emphasizing that they are based on an understanding of the obstacles threatening the nation’s economic stability.
He stressed that Nigeria cannot advance as a nation without fully leveraging the strength of its business community across all regions and states.
“The only way we can achieve this is by standing united, from Abia to Zamfara, in pursuit of a shared objective. Small businesses account for 96% of all businesses in Nigeria and contribute more than 45% to our GDP. Without you, Nigeria would be nowhere,” he declared.
VP Shettima further noted that the 5th Expanded MSME Clinic provides a platform for direct engagement with regulatory agencies such as NAFDAC, BOI, CAC, SON, NEPC, SMEDAN, as well as financial institutions and business support organizations, to ensure that MSMEs share their challenges and receive instant solutions.
Earlier, the Vice President commissioned the ultra-modern Fashion and Garment Hub for MSMEs, established by the federal government in collaboration with the Enugu State government.
The Vice President also inspected ongoing work at the Enugu International Conference Centre, the Enugu Command and Control Centre, and the Digital Museum at the Government House.
Speaking on the Enugu Fashion Hub, he said the facility, along with other hubs across the country, is a stepping stone toward economic progress. He expressed confidence that the hub, the largest commissioned in Nigeria to date, will meet global standards and create approximately 48,000 jobs.
