The Federal Government of Nigeria has launched the 7th Expanded National MSME Clinics in Akure, Ondo State, providing a platform for Micro, Small, and Medium Enterprises (MSMEs) to engage directly with regulatory agencies, financial institutions, and business support organizations. During the launch, Vice President Kashim Shettima announced the disbursement of N250,000 unconditional grants to outstanding small business owners in Ondo State.
Key Highlights of the MSME Clinics:
Objective: To create an enabling environment for MSMEs, which account for over 90% of businesses in Nigeria and contribute over 45% to the national economy.
Grants: N250,000 unconditional grants were awarded to exceptional small business owners in Ondo State.
Other Initiatives: The Federal Government also rolled out other support measures, including:
N75 Billion MSME Intervention Fund: Administered by the Bank of Industry to support MSMEs.
N50 Billion Presidential Conditional Grant Scheme: Providing grants of N50,000 each to one million nano businesses across the 774 local government areas of Nigeria.
N75 Billion Manufacturers Fund: Offering up to N1 billion in funding at a 9% interest rate for manufacturers.
The launch of the MSME Clinics in Akure is part of the Federal Government’s efforts to empower small businesses and stimulate economic growth in Nigeria.
Federal Government Provides N250,000 Grants to Support Small Businesses in Ondo State
The Federal Government of Nigeria has taken a significant step towards empowering Micro, Small, and Medium Enterprises (MSMEs) in Ondo State with the launch of the 7th Expanded National MSME Clinics in Akure. During the event, Vice President Kashim Shettima announced the disbursement of N250,000 unconditional grants to outstanding small business owners in the state.
Empowering MSMEs: A Key to Economic Growth
MSMEs play a vital role in Nigeria’s economy, accounting for over 90% of businesses and contributing over 45% to the national economy. The Federal Government’s initiative aims to create an enabling environment for these businesses to thrive.
Key Highlights of the MSME Clinics:
- Objective: To support MSMEs and stimulate economic growth
- Grants: N250,000 unconditional grants awarded to exceptional small business owners in Ondo State
- Other Initiatives:
- N75 Billion MSME Intervention Fund to support MSMEs
- N50 Billion Presidential Conditional Grant Scheme providing N50,000 each to one million nano businesses
- N75 Billion Manufacturers Fund offering up to N1 billion in funding at a 9% interest rate for manufacturers
A Boost to Small Businesses in Ondo State
The launch of the MSME Clinics in Akure is a significant step towards empowering small businesses and stimulating economic growth in Nigeria. The Federal Government’s efforts to support MSMEs will undoubtedly have a positive impact on the economy and improve the lives of many Nigerians.
