President Bola Tinubu has mandated the disbursement of a N150,000 grant to each participant of the Expanded National MSME Clinic.
This announcement was made by Vice President Kashim Shettima on Thursday at the opening of the third edition of the MSME Clinic held at the Trade Fair Complex on Old Iyin Road, Ado Ekiti, Ekiti State.
The Expanded National MSME Clinics is an initiative by the federal government aimed at improving the ease of doing business across Nigeria.
These clinics, organized in various cities nationwide, provide on-the-spot solutions to challenges faced by MSMEs.
The grant
Vice President Shettima emphasized that the N150,000 grant is a non-repayable gesture from the government.
“I am pleased to share that Mr President has directed me to ensure that all outstanding exhibiting MSMEs at the Clinic receive a grant of N150,000 each. This is an outright grant, and the beneficiaries will not need to repay it,” he stated.
Shettima also announced plans to launch similar clinics in Borno and Enugu States, culminating in the National MSME Awards in the Federal Capital Territory (FCT) on June 27, coinciding with the United Nations World MSME Day.
He highlighted the crucial role of small businesses in the nation’s economy, describing them as “the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition.”
Senate Leader, Senator Opeyemi Bamidele, praised the collaboration between the federal and state governments, which has resulted in the execution of MSME-focused projects.
He revealed plans to allocate a portion of his constituency project funds to support the development of MSMEs in the coming year.
What you should know
Launched under the administration of former President Muhammadu Buhari, these clinics have grown to become a cornerstone of the government’s support for the micro, small, and medium enterprise (MSME) sector.
The inception of the MSME Clinics was rooted in the recognition that MSMEs are the backbone of the Nigerian economy, contributing significantly to GDP and employment.
- Despite their importance, many MSMEs face substantial challenges, including limited access to finance, inadequate infrastructure, regulatory bottlenecks, and a lack of business support services.
- The government identified the need to address these issues directly and effectively, leading to the establishment of the MSME Clinics.
- The first MSME Clinic was launched in Aba, Abia State, in 2017. Aba, known as the commercial hub of southeastern Nigeria, was an ideal starting point due to its vibrant business environment and the high concentration of MSMEs.
- The clinic was designed as a forum where business owners could interact directly with regulatory agencies, financial institutions, and business support organizations.
- This direct interaction aimed to provide on-the-spot solutions to the myriad challenges faced by MSMEs, thereby enhancing their operational efficiency and growth prospects.
- Following the success of the initial clinic, the program was expanded to other states across the federation.
