FG to begin disbursement of N150k grant to MSMEs in Enugu

President Bola Tinubu has directed the disbursement of N150,000 grant to micro, small, and medium enterprises (MSMEs) in Enugu.

Vice-President Kashim Shettima disclosed this on Thursday while declaring open the fifth edition of the MSMEs clinic at the trade fair complex in the state. 

The expanded national MSME clinics is one of the federal government’s incentives to revive a flailing economy, according to presidency aides. 

In a statement, the presidency said the programme is being organised across the country to provide “on-the-spot solutions to challenges confronting MSMEs”.

The statement said the first, second, third and fourth editions were launched in Benue, Ogun, Ekiti and Jigawa states respectively earlier in the year.

Speaking at the launch, Shettima said the N150,000 was an unconditional grant that does not require repayment.

“Distinguished ladies and gentlemen, I am pleased to announce that His excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event,” he said.

“Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth.”

Shettima also inaugurated the “ultra-modern” MSME fashion hub, while expressing the federal government’s commitment to providing incentives for businesses.

He said the hub has the capacity to create about 48,000 jobs, as well as meet global standards.

The vice-president commended Peter Mbah, governor of Enugu, for his support in the establishment of the hub.

“Aside from standing as one of the largest we’ve commissioned, it is equipped with cutting-edge technology to support the fashion manufacturing cluster in Enugu state, boosting production capacity and enabling economies of scale,” Shettima added.

“This hub has the potential to produce a wide array of fashion products, from military uniforms to school and corporate wear, meeting global standards and creating about 48,000 jobs in the process.”

Mbah thanked the federal government for the support to Enugu, adding that the initiative aligns with the economic vision of the state.