AKURE — In a major boost for small businesses, the Federal Government on Tuesday disbursed unconditional grants of ₦250,000 each to outstanding Micro, Small, and Medium Enterprises (MSMEs) in Ondo State, reaffirming its commitment to grassroots economic empowerment.
The announcement was made by Vice President Kashim Shettima during the launch of the 7th edition of the Expanded National MSMEs Clinics in Akure, where he described the gesture as a direct investment by the Nigerian people in the future of local enterprise.
“This is not a loan. It is a gift from the Nigerian people to the champions of local industry,” Shettima declared. “It is our way of saying: we see you, we value you, and we believe in your journey.”
The Vice President, speaking through his media aide, Stanley Nkwocha, emphasized that the ₦250,000 grants were part of President Bola Tinubu’s “Renewed Hope” economic agenda, which prioritizes MSMEs as key drivers of national growth and job creation.
“MSMEs account for over 90% of Nigerian businesses, contribute more than 45% to GDP, and provide employment to over 60 million Nigerians,” Shettima said. “They are the silent architects of survival, the lifelines of households, and the pulse of every community.”
The clinics, he noted, were created to provide MSMEs direct access to regulators, financial institutions, and support agencies, enabling business owners to resolve challenges in real time.
Other key federal interventions for small businesses highlighted include:
- A ₦75 billion MSME Intervention Fund through the Bank of Industry
- A ₦50 billion Presidential Conditional Grant Scheme targeting one million nano businesses
- A ₦75 billion Manufacturers Fund offering up to ₦1 billion loans at single-digit interest rates
“This Is a Covenant With the Builders of Our Future”
Reiterating the administration’s commitment, Shettima stated: “This is not just rhetoric. It is a covenant with the builders of our future. No meaningful poverty alleviation can be achieved without empowering MSMEs.”
The Ondo State Governor, Lucky Aiyedatiwa, lauded the federal initiative, saying it aligns with his administration’s 7-point agenda which has recorded progress in agriculture, manufacturing, and fashion.
“Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses. We remain grateful for this administration’s support,” Aiyedatiwa said.
Also speaking at the event, Ekiti State Governor, Biodun Oyebanji, hailed the clinics as a groundbreaking initiative that connects policy with grassroots realities. “This is the first deliberate attempt by any government to interface directly with the real drivers of economic development,” he said.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, praised both the federal and state governments for investing in small-scale entrepreneurship and urged Nigerians to support made-in-Nigeria products.
Director General of SMEDAN, Charles Odii, and the President’s Special Adviser on Job Creation and MSMEs, Temitola Adekunle-Johnson, both confirmed that the clinics are already delivering tangible results across the country.
Earlier, during a courtesy visit to the Ondo State Council of Chiefs, Shettima described President Tinubu as a “son of the South West” and “a man of courage,” citing reforms such as fuel subsidy removal, tax harmonisation, and the revival of key road projects.
The Council’s chairman, Oba Ajibade Gbadegesin Ogunoye III, expressed support for the administration’s economic decisions, stating that the removal of fuel subsidy had freed vital resources for national development.
The event climaxed with Vice President Shettima touring a product exhibition, where he engaged directly with MSME owners from Ondo and neighbouring states — applauding their creativity and resilience.
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