FG Offers ₦250,000 Free Grants to Small Businesses, Opens ICT Hub
The Federal Government has introduced a ₦250,000 unconditional grant scheme to support Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, alongside the commissioning of a state-of-the-art ICT hub in Calabar, Cross River State.
Vice President Kashim Shettima announced the initiatives during the 8th Expanded National MSME Clinics, which brought together key government agencies, including CAC, NAFDAC, BOI, and SMEDAN, to address business owners’ challenges on the spot.
Shettima explained that each outstanding MSME identified at the event would receive the ₦250,000 grant as a direct financial boost, stressing that it is not a loan but a gift to accelerate growth.
Additional Support for Businesses
The Vice President also highlighted other ongoing interventions:
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₦75 billion MSME Intervention Fund through the Bank of Industry
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₦50 billion Presidential Conditional Grant Scheme for one million nano businesses
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₦75 billion Manufacturers’ Fund, offering up to ₦1 billion per manufacturer at low interest rates
In addition, Shettima commissioned two 100-seater Bombardier CRJ1000 jets for Cross River’s Cally Air, further boosting the state’s infrastructure and connectivity.
Creative Economy Development Fund Launched
The event also coincided with the launch of the Creative Economy Development Fund (CEDE), designed to provide sustainable financing for Nigeria’s creative and cultural industries. Phase one of the fund is open for applications until May 30, 2025, with phase two targeting SMEs and startups set to begin on August 4, 2025.
The CEDE fund will benefit a wide range of sectors, including writers, artists, fashion designers, filmmakers, gaming studios, tourism providers, media platforms, logistics companies, and training providers.
How to Apply
Interested applicants can visit the official CEDE fund platform to fill out the online form. Requirements include a registered business name, address, proof of registration, contact details, operational area, business stage, and funding request. For the first phase, only applications from $100,000 and above will be considered.