Tinubu directs disbursement of N150,000 grant to MSMEs in Ekiti

President Bola Tinubu has directed the disbursement of N150,000 grant to each participant of the expanded national micro, small, and medium enterprises (MSMEs) clinic.

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

The expanded national MSME clinics are one of the federal government’s strategies for ease of doing business in Nigeria, according to a statement by the presidency posted on X.

The presidency said the programme is a series of business forums organised in different cities across the country to proffer “on-the-spot solutions to challenges confronting MSMEs”.

According to the statement, the first and second editions of the clinics were launched in Benue and Ogun states respectively earlier in the year.

Speaking at the launch, Shettima said the N150,000 was an outright grant that does not require beneficiaries 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,” he said.

“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.”

The Shettima also disclosed that the same clinics would be launched in Borno and Enugu states “before culminating in the national MSME Awards in FCT on June 27, to commemorate the United Nations World MSME Day”.

“Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition,” Shettima said.

“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 the ultra-modern fashion and garment hub at Odua textile complex, Basiri, Ado Ekiti.

The vice-president said while it competes ideally with others globally, the hub has the potential to create an estimated 48,000 jobs annually.

He described the hub as a significant milestone by Tinubu’s administration to empower 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 also said he anticipates that the facility would be managed by a competent private sector entity, while both federal and state governments will maintain vigilant oversight over its operations.