President Bola Tinubu has approved disbursement of N150,000 grant to each participant of the expanded national micro, small, and medium enterprises (MSMEs) clinic.
Vice-President, Kashim Shettima announced this on Thursday at the opening of the third MSMEs clinic at the trade fair complex in Ado Ekiti, Ekiti state.
According to the presidency, the expanded MSME clinics are a federal government initiative to improve ease of doing business in Nigeria.
He said these clinics are business forums held in various cities to provide immediate solutions to challenges faced by MSMEs, noting that the first and second editions were held in Benue and Ogun states earlier this year.
At the launch, Shettima explained that the N150,000 is a grant that beneficiaries do not need to repay.
“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 said.
Shettima also mentioned that similar clinics would be held in Borno and Enugu states before the national MSME Awards in the FCT on June 27, marking the United Nations World MSME Day.
He added, “Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition.
“We cannot claim to have excelled in our interventions unless they remain our top priority. Our commitment to revitalising the MSME sector ensures that these businesses continue to serve their essential buffering function.”
During his visit, Shettima also inaugurated a modern fashion and garment hub at Odua textile complex in Ado Ekiti.
He noted that the hub has the potential to create around 48,000 jobs annually and is equipped with state-of-the-art machinery, making it a significant milestone for Tinubu’s administration in supporting local industries.
“It boasts the capacity to produce a wide range of fashion gear, including military uniforms, and rivals any facility in the world,” he added.
“Equipped with modern-day machinery and technology, this hub holds immense potential for job creation, with projections estimating an average of 48,000 jobs annually.
“With over 300 pieces of cutting-edge equipment, this hub represents a significant milestone in our efforts to empower local industries.”
Shettima added that he expects the facility to be managed by a private sector entity, with oversight from both federal and state governments.