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Economic hardship: FG to grant 200 MSMEs operators N150,000 to boost businesses

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Economic hardship: FG to grant 200 MSMEs operators N150,000 to boost businesses

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Federal Government has disclosed plans to give 200 Micro Small and Medium Scale (MSMEs) operators at the 2nd National Expanded MSMEs clinic held on Tuesday in Abeokuta, the Ogun State Capital, a sum of N150,000 each to boost their businesses in the face of current economic hardship.

It equally said that 200 new stores within the new Adire market in, Itoku, Abeokuta, as directed by President Bola Tinubu, would be granted to small business traders free of charge for a period of one year with an additional grant of N100,000 each.

Vice President, Kashim Shettima made this known shortly after inaugurating the Ogun Fashion/Tailoring Hub and the Adire Shared Facility, an initiative of the Federal Government.

Shettima disclosed that the grant was not only an immediate relief for the entrepreneurs but would also serves as a guiding hand to access loan facilities from renowned financial institutions.

He said it would also create a way for sustainable growth and financial prosperity for small businesses in the state.

“Each exhibitor present at the clinic today stands to gain from our MSME instant grant of N150,000 each courtesy of our esteemed private sectors and His Excellency, President Bola Tinubu.

“We’re honoured to host agencies of eminence such as SMEDAN, BOI, ITF, NEXIM, BOA, SON and others.

“Their collective presence ensures a real time assessment of the distinctive needs of our MSMEs to provide invaluable guidance that propels the enterprising source of their success,” he said.

He commended the state governor for his steadfast cooperation in ensuring the successful completion of the projects under the current dispensation.

Governor Dapo Abiodun said that the Expanded MSME clinics aligns with his administration’s commitment to making life easier for citizens.

He noted that the state would provide conditional grants of N100,000 to 10,000 SMEs and another N500,000 to 2,000 SMEs

He added that another N50,000 will be given to 5000 Iyalojas (market heads women).

To the governor, all these, amounted to N1billion just as he added that N50,000 would be given to all tertiary students to cushion the effects of the current economic situation of the country.

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odili stressed that entrepreneurs were free to walk into any of its offices nationwide in a bid to leverage on the benefits they can receive for their businesses.

He added that the federal government has committed over N200 billion to support the MSME scheme.

He also advised small business owners to take advantage of the Access bank loans at 15 per cent interest.

Earlier, the state Commissioner, Industries Trade and Investment, Mr Adebola Sofela underscored the importance of MSMEs to any economy.

Sofela expressed regret at the several challenges inherent in their operating system but said the federal government’s resolve to solve these bottlenecks is evident in the MSME clinic.

He thanked the Vice President and the federal government for supporting the state MSMEs with world class equipment and grants to small businesses in the state.