The Federal Government has disbursed N250,000 each to selected small business owners in Ondo State, as part of its ongoing support for Micro, Small, and Medium Enterprises (MSMEs) nationwide.
Vice President Kashim Shettima announced the disbursement on Tuesday during the 7th edition of the Expanded National MSMEs Clinics held in Akure, Ondo State capital.
Shettima said the grant, which is not a loan, is intended to support outstanding businesses that showcased their products at the clinic. According to him, the intervention is in line with President Bola Tinubu’s administration’s focus on boosting local enterprises.
“In line with President Tinubu’s unwavering support for grassroots enterprises, every outstanding exhibiting MSME identified during this clinic will receive an unconditional grant of N250,000. This is not a loan. It is a gift from the Nigerian people to the champions of local industry,” he said.
The Vice President highlighted the economic importance of MSMEs, noting that they account for over 90 percent of businesses in the country and contribute more than 45 percent to the Gross Domestic Product (GDP).
He said: “Nigeria’s national prosperity is entwined with the success of its MSMEs. That is why the Renewed Hope Agenda places the creation of an enabling environment for small businesses at the heart of our economic blueprint.”
Shettima also listed other federal interventions for small businesses, including a ₦75 billion MSME Intervention Fund through the Bank of Industry, a ₦50 billion Presidential Conditional Grant Scheme for one million nano businesses, and a ₦75 billion Manufacturers Fund offering up to ₦1 billion in loans at single-digit interest rates.
Speaking at the event, Ondo State Governor, Lucky Aiyedatiwa, expressed appreciation to the federal government and reaffirmed his administration’s alignment with policies that promote small business development. He said his government’s seven-point agenda had delivered progress in key sectors such as agriculture, manufacturing, and fashion.
Ekiti State Governor, Biodun Oyebanji, who also attended the event, described the MSMEs Clinics as a unique approach to directly link federal policy to local business needs. He said it marks “the first deliberate attempt by any Nigerian government to align development with grassroots growth.”
In a goodwill message, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, encouraged support for locally made products and commended both federal and state governments for their efforts in expanding opportunities for small businesses.
Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, and Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, both said the initiative had recorded success, with positive feedback and resolution of regulatory challenges.
Earlier in the day, Shettima paid a courtesy visit to the Ondo State Council of Chiefs. There, he defended the administration’s economic policies, including the removal of fuel subsidy and the revival of major road corridors.
Chairman of the Council and Olowo of Owo, Oba Ajibade Gbadegesin Ogunoye III, said the traditional institution supports reforms that channel resources into development, and pledged continued cooperation with government.
The Vice President later toured the product exhibition centre, where he interacted with business owners and viewed locally produced goods. He was joined by governors and other federal officials.
