Apply! FG Unveils N250,000 Grants to Empower Small Businesses
- The Federal Government awarded N250,000 in unconditional grants to exceptional small business owners in Ondo State as part of its ongoing effort to support Micro, Small, and Medium Enterprises (MSMEs)
- Vice President Kashim Shettima emphasised the vital role MSMEs play in Nigeria's economy, noting that they employ over 60 million people and contribute significantly to the country's GDP.
- He also highlighted various government initiatives, including the N75 billion Manufacturers Fund and the N75 billion MSME Intervention Fund, aimed at fostering small business growth and economic development
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
As part of its ongoing nationwide intervention to empower Micro, Small, and Medium Enterprises (MSMEs), the Federal Government awarded N250,000 in unconditional grants to exceptional small business owners in Ondo State.
Source: Getty Images
During the opening of the 7th Expanded National MSMEs Clinics in Akure, Vice President Kashim Shettima announced the payout, characterising it as a tangible manifestation of President Bola Tinubu's dedication to the development of grassroots enterprises.
According to him, the grants—which are not loans—represent a direct investment made by the Nigerian people in local industry leaders through their government.
Shettima, in a statement by his media officer Stanley Nkwocha, was quoted as saying:
“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 N250,000.
“This is not a loan. It is a gift from the Nigerian people to the champions of local industry. It is our way of saying: we see you, we value you, and we believe in your journey.”
The Vice President emphasised the importance of MSMEs in Nigeria's economy, pointing out that they employ more than 60 million Nigerians, make up more than 90% of enterprises, and contribute more than 45% of the country's GDP.
He described them as “the silent architects of survival, the lifelines of households, and the pulse of every community.”
The Tinubu administration prioritises MSMEs in its economic policies, he emphasised, since without the jobs and opportunities they generate, poverty cannot be effectively reduced.
“Nigeria’s national prosperity is entwined with the success of its MSMEs. That is why the Renewed Hope Agenda places the creation of an enabling environment for small businesses at the heart of our economic blueprint.
This is not just rhetoric; it is a covenant with the builders of our future,” Shettima said.
He clarified that the Expanded MSMEs Clinics were designed to connect the Federal Government with small-scale manufacturers, job creators, and innovators around the country.
Source: Getty Images
He claimed that the clinics' Ondo edition offers entrepreneurs a unique chance to speak with regulators, banks, and support groups directly to discuss their issues in real time.
The Vice President also highlighted other significant initiatives by the Tinubu administration, such as the N75 billion Manufacturers Fund, which offers up to N1 billion at a single-digit interest rate; the N50 billion Presidential Conditional Grant Scheme, which targets one million nanobusinesses throughout Nigeria with N50,000 each; and the N75 billion MSME Intervention Fund, which is administered through the Bank of Industry.
Tayo Omolade said,
"Beyond businesses, individuals also need to capital to startup a good business. The government need to do more."
FG launches online portal to provide free loans
Legit.ng reported that the Federal Government has officially opened the application portal for YouthCred, a new initiative that provides Nigerian youths, especially NYSC members and young entrepreneurs, access to loans without the usual hurdles of collateral or a long credit history.
The programme, powered by the Nigerian Consumer Credit Corporation (CrediCorp), is part of a broader move to transform Nigeria’s credit culture and financially empower the next generation.
The online platform is now live and allows eligible young Nigerians to apply for various credit products tailored to their financial needs and growth plans.
Source: Legit.ng
