The Federal Government has disbursed N250,000 in unconditional grants to outstanding Micro, Small and Medium Enterprises (MSMEs) in Ondo State, as part of a broader agenda to empower local businesses and drive grassroots economic development.
Vice President Kashim Shettima announced the grants during the launch of the seventh Expanded National MSME Clinics in Akure on Tuesday. The announcement was made through a statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha.
The Vice President said the grants, awarded to standout exhibitors at the clinic, reflect the Tinubu administration’s commitment to supporting the engines of Nigeria’s economy.
“This is not a loan,” Shettima said. “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.”
He emphasised that MSMEs make up over 90% of businesses in the country, contribute over 45% to the GDP, and employ more than 60 million people—making them essential to poverty alleviation and national prosperity.
Shettima reaffirmed that the Renewed Hope Agenda places MSME development at the heart of the nation’s economic strategy, with platforms like the MSME Clinics designed to foster direct interaction between business owners and regulatory bodies, financial institutions, and support agencies.
The VP also highlighted additional interventions to support small businesses, including:
A N75 billion MSME Intervention Fund managed by the Bank of Industry;
A N50 billion Presidential Conditional Grant Scheme for one million nano businesses across all 774 LGAs;
A N75 billion Manufacturers Fund offering up to N1 billion at 9% interest.
“These initiatives are part of our covenant with the builders of our future,” Shettima stated.
Governor Lucky Aiyedatiwa of Ondo State aligned with the federal government’s initiative, noting that his administration’s seven-point agenda already prioritises MSME development, resulting in progress in sectors like agriculture, fashion, and manufacturing.
Ekiti State Governor Biodun Oyebanji also lauded the initiative, describing the clinics as the first of their kind to foster direct engagement between government facilitators and MSME operators.
Traditional rulers also threw their support behind the programme. The Ooni of Ife, Oba Adeyeye Ogunwusi, and the Chairman of the Ondo State Council of Chiefs, Oba Ajibade Gbadegesin, praised the administration’s commitment to supporting small businesses and removing the fuel subsidy to redirect funds to critical sectors.
During the event, the Vice President, alongside the governors of Ondo and Ekiti states, toured the exhibition of local products by MSMEs, interacting with entrepreneurs and inspecting their innovations.
Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, and SMEDAN Director General, Charles Odii, both noted that the impact of the clinics continues to grow, with positive feedback from participating businesses.
