President Bola Ahmed Tinubu has approved a N250,000 grant for each outstanding Micro, Small, and Medium Enterprise (MSME) exhibiting at the 9th Expanded National MSME Clinic in Katsina State, in addition to the Federal Government’s N2.5 billion intervention in MSMEs across the state.
The announcement was made by Vice President Kashim Shettima in Katsina on Tuesday.
According to Shettima, “President Bola Ahmed Tinubu has approved an unconditional grant of N250,000 for each outstanding MSME exhibiting at today’s clinic. This is a non-repayable grant.”
Speaking at the clinic, Vice President Shettima emphasized that the grant reflects the President’s commitment to removing barriers that have historically hindered the growth of MSMEs across Nigeria.
He also disclosed that the administration has introduced a N75 billion Manufacturers Fund to provide financial support to businesses in the manufacturing sector.
According to him, the grant is a non-repayable intervention designed to empower innovative entrepreneurs and support the administration’s drive for enterprise-led national transformation.
Shettima further explained that under the N75 billion MSME Intervention Fund, eligible businesses can access up to N5 million in loans at 9 percent interest per annum.
As for the N75 billion Manufacturers Fund, he said businesses in the industrial sector can access up to N1 billion in loans to cushion high production and distribution costs.
He added that “through the N50 billion Presidential Conditional Grant Scheme, one million nano businesses across Nigeria’s 774 local government areas are receiving N50,000 each, while over 39,000 MSMEs in Katsina State alone have already benefited from various federal interventions amounting to N2.5 billion.”
Launched under former President Muhammadu Buhari’s administration, the MSME Clinics have become a cornerstone of the All Progressives Congress (APC) government’s support for the Micro, Small, and Medium Enterprise sector.
The MSME Clinics were established in recognition of the critical role MSMEs play as the backbone of the Nigerian economy, contributing significantly to GDP and employment.
The clinic was designed as a forum where business owners could interact directly with key stakeholders, enabling on-the-spot solutions to the challenges faced by MSMEs, thereby enhancing their operational efficiency and growth potential.
Following the success of the inaugural edition, the program has since expanded to other states across the federation.