Tinubu Approves N150,000 Grant for MSME Clinic Participants

In a major boost for small businesses, President Bola Tinubu has approved a N150,000 grant for each participant of the expanded national Micro, Small, and Medium Enterprises (MSME) Clinic. Vice President Kashim Shettima announced this initiative on Thursday at the third edition of the MSME Clinic held at the Trade Fair Complex, Old Iyin Road, Ado Ekiti, Ekiti State.

The MSME Clinics, part of the federal government’s strategies to enhance the ease of doing business in Nigeria, are forums organized across various cities to address the challenges facing MSMEs. The first and second editions took place in Benue and Ogun states earlier this year.

Vice President Shettima emphasized that the grant is a non-repayable financial boost to support the businesses. “I am pleased to share that Mr. President has directed me to ensure that all outstanding exhibiting MSMEs at the Clinic today receive a grant of N150,000 each. This is an outright grant, and the beneficiaries will not need to repay it. We extend our gratitude to our partners for their unwavering support,” he stated.

The initiative will extend to Borno and Enugu states, culminating in the National MSME Awards in the Federal Capital Territory on June 27, to mark the United Nations World MSME Day. Vice President Shettima highlighted the crucial role of small businesses in the nation’s economic stability and development. “Our commitment to revitalizing the MSME sector ensures that these businesses continue to serve their essential buffering function,” he explained.

During his visit to Ekiti State, Mr. Shettima, accompanied by Governor Biodun Oyebanji and other officials, inaugurated the Ekiti State Ultra-Modern Fashion and Garment Hub at Odua Textile Complex, Basiri, Ado Ekiti. He also inspected the Adire Ekiti Hub, a project initiated by the state’s first lady, with potential to create approximately 48,000 jobs annually.

The hub, equipped with over 300 pieces of modern machinery, aims to produce a variety of fashion items, including military uniforms, and is expected to be managed by a private sector entity with oversight from federal and state governments. “This hub represents a significant milestone in our efforts to empower local industries,” Mr. Shettima said.

Governor Oyebanji expressed gratitude to Vice President Shettima for his support and described President Tinubu as a leader fulfilling his campaign promises. Senate Leader Opeyemi Bamidele and Minister of Solid Minerals Dele Alake also praised the effective collaboration between federal and state governments in supporting MSMEs, urging continued support for the administration’s efforts.