FG gives N250,000 grants to Ondo MSMEs to boost local economy

The federal government has disbursed N250,000 unconditional grants to outstanding micro, small, and medium enterprises (MSMEs) in Ondo state as part of efforts to empower local businesses.

Vice-President Kashim Shettima announced the disbursement of the grants on Tuesday during the launch of the 7th expanded national MSME clinics in Akure, Ondo, according to a statement by Stanley Nkwocha, senior special assistant to the president on media and communications (office of the vice-president).

Shettima said the grant would create an enabling environment for MSMEs in Nigeria and is central to the economic policy of the renewed hope administration of President Bola Tinubu.

“I am also pleased to announce today, in line with President Tinubu’s unwavering support for grassroots enterprises, that every outstanding exhibiting MSME identified during this clinic will receive an unconditional grant of ₦250,000,” the vice-president said.

“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry. It is our way of saying: we see you, we value you, and we believe in your journey.”

Shettima emphasised the importance of MSMEs in Nigeria’s economy, noting that they account for over 90 percent of businesses and contribute over 45 percent to the national economy.

He described MSMEs as the silent architects of survival, lifelines of households, and the pulse of every community, employing over 60 million Nigerians.

Shettima stressed that MSMEs are central to the Tinubu administration’s economic policy, serving as the true engine of poverty alleviation and job creation.

“This is why the Renewed Hope Agenda of President Bola Ahmed Tinubu places the creation of an enabling environment for MSMEs at the heart of our economic policy. It is not rhetoric. It is a call to action. It is a covenant with the builders of our future,” he noted.

“This administration is deliberate in walking the talk, and one of the ways we do so is through platforms such as the MSME Clinics, conceived to draw the federal government closer to the creators of jobs, the innovators, the dreamers who make things happen in our communities.”

‘ONDO MSME CLINIC OFFERS SMALL BUSINESSES UNPRECEDENTED OPPORTUNITIES’

The vice-president said the expanded MSMEs clinic in Ondo state provides small businesses with a unique chance to interact directly with regulatory agencies, financial institutions, and business support organisations.

Shettima also said the Tinubu administration has introduced several interventions to support MSMEs, including a N75 billion MSME Intervention Fund, N50 billion Presidential Conditional Grant Scheme, and N75 billion Manufacturers Fund.

He commended the Ondo state government for its supportive policies and partnerships on investment in infrastructure that welcome innovation and enterprise.

On his part, Lucky Aiyedatiwa, the governor of Ondo, said the state government is also in alignment with the initiative of the federal government to implement schemes to support MSME development and address challenges facing small businesses.

Aiyedatiwa pointed out that his administration’s seven-point agenda, which prioritises MSME growth and development, has been impactful and has resulted in successes across different sectors of agriculture, manufacturing, and fashion, among others.

“Your presence here today demonstrates your unwavering commitment to the development of our state and key sectors of our nation’s economy,” he said.

“Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses across our country, and we remain grateful.”

Also, Biodun Oyebanji, governor of Ekiti state, appreciated the federal government, particularly the vice-president, for personally driving the initiative of the clinics.

Oyebanji acknowledged that the Ekiti edition of the clinics had been impactful and remains invaluable, as businesses have continued to benefit from the network created through the programme.

The governor said the programme is the first attempt by any government in Nigeria to align growth to development through a deliberate and direct interface between facilitators and small business operators across the country.

Temitola Adekunle-Johnson, special adviser to the president on job creation and MSME, and Charles Odii, director general of the Small and Medium Enterprises Development Agency (SMEDAN), were in attendance.

Others present were Adeyeye Ogunwusi, Ooni of Ife, and Ajibade Ogunoye, chairman of the Ondo state council of chiefs.