The Federal Government on Tuesday disbursed ₦250,000 each to selected outstanding small business owners in Ondo State during the 7th Expanded National Micro, Small and Medium Enterprises (MSME) Clinic held in Akure.
Vice President Kashim Shettima, who declared the clinic open, said the initiative underscores President Bola Ahmed Tinubu’s commitment to creating an enabling environment for MSMEs as part of his economic transformation agenda.
“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry,” Shettima announced, noting that the grant reflects the administration’s effort to recognise and support the “silent architects of survival” who power the economy.
The Vice President explained that MSMEs, which account for over 90% of businesses and employ more than 60 million Nigerians, are critical to poverty alleviation and economic growth. He assured that the Renewed Hope administration is committed to sustained support through deliberate interventions.
Expanded Support for Small Businesses
Shettima also highlighted additional interventions, including a ₦75 billion MSME Intervention Fund managed by the Bank of Industry (BoI), a ₦50 billion Presidential Conditional Grant Scheme for one million nano businesses across the country, and a ₦75 billion Manufacturers Fund, which allows manufacturers to access up to ₦1 billion at a single-digit interest rate.
“The Renewed Hope Agenda places MSMEs at the heart of our economic strategy. Platforms like the MSME Clinics ensure that small business owners can engage directly with regulatory agencies and financial institutions to resolve real-time challenges,” Shettima said.
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Governors, Traditional Leaders Back Initiative
Ondo State Governor Lucky Aiyedatiwa pledged his administration’s support for MSME growth through policies and infrastructure that promote enterprise. Ekiti State Governor Biodun Oyebanji also lauded the federal government’s direct engagement approach, calling it “the first deliberate effort to align development with grassroots business realities.”
Traditional rulers, including the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, who attended the event, urged Nigerians to patronize locally-made products as a way to strengthen the economy.
Showcasing Local Products
The high point of the event was an exhibition of locally-made products, ranging from agricultural produce to fashion items, with the Vice President touring the stands and interacting with entrepreneurs.
Shettima emphasized that the federal government will continue to invest in platforms and policies that empower small businesses, stating, “The success of MSMEs is tied to Nigeria’s prosperity. We cannot grow the economy without them.”
The MSME Clinics, initiated to bring government agencies closer to business owners, have been held in multiple states and continue to provide immediate solutions to regulatory, financing, and operational challenges faced by small businesses.