Akure, Ondo State — The Federal Government has issued ₦250,000 each to selected small business owners in Ondo State, reinforcing its commitment to boosting grassroots enterprises through President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The disbursement was announced during the 7th Expanded National MSME Clinic in Akure, where Vice President Kashim Shettima described the support as a grant, not a loan, Apply Here aimed at expanding local businesses and creating jobs.
“This is a gift from the Nigerian people to hardworking entrepreneurs — no repayment required,” Shettima said, urging beneficiaries to grow their ventures and strengthen their communities.
MSMEs: Backbone of Nigeria’s Economy
Micro, Small, and Medium Enterprises (MSMEs) account for over 90% of businesses in Nigeria, contribute more than 45% to the GDP, and employ at least 60 million people. Shettima praised them as the “silent architects of survival” and emphasised their role in national development.
Other Federal Support Packages Announced
Alongside the ₦250,000 grant, the Vice President outlined additional funding opportunities:
- ₦75 billion MSME Intervention Fund through the Bank of Industry.
- ₦50 billion Presidential Conditional Grant Scheme providing ₦50,000 to one million nano businesses.
- ₦75 billion Manufacturers Fund offering loans of up to ₦1 billion at low interest.
He encouraged entrepreneurs to connect with relevant agencies to access these opportunities.
Ondo MSME Clinic: A Hub for Solutions and Growth
The clinic brought together federal agencies, banks, and business support organisations, giving entrepreneurs a chance to address challenges related to licensing, financing, and regulations. The event also featured a local product exhibition, showcasing Ondo’s creative and manufacturing talent.
Leaders and Stakeholders Commend Initiative
Ondo State Governor Lucky Aiyedatiwa applauded the Federal Government for choosing the state as a host, noting that it complements the state’s ongoing support for sectors such as agriculture, fashion, and manufacturing.
Ekiti State Governor Biodun Oyebanji described the initiative as “a landmark in direct engagement with small businesses”, while the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, encouraged Nigerians to support homegrown products.
Leaders from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN, Apply Here) and the Office of the Special Adviser to the President on Job Creation and MSMEs also reported immediate success stories from the clinic.
Economic Reforms and Grassroots Empowerment
During a visit to the Ondo State Council of Chiefs, Shettima highlighted key reforms such as fuel subsidy removal, tax harmonisation, and renewed infrastructure projects. Traditional rulers pledged their support, noting that subsidy savings could be redirected to development projects.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
