The Federal Government has awarded N250,000 in unconditional grants to selected outstanding Micro, Small and Medium Enterprises (MSMEs) in Ondo State, as part of its broader effort to empower grassroots entrepreneurs and stimulate inclusive economic growth.
The grants were disbursed during the launch of the seventh edition of the Expanded National MSME Clinic held in Akure, the Ondo State capital, and officially inaugurated by Vice President Kashim Shettima.
Speaking at the event, Vice President Shettima reaffirmed the administration’s commitment to supporting local industries under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry. We see you, we value you, and we believe in your journey,” Shettima declared.
The Vice President described MSMEs as the “silent architects of survival” and the “pulse of every community,” noting that they account for over 90 percent of businesses in Nigeria, contribute more than 45 percent to GDP, and provide employment for over 60 million Nigerians.
He emphasised that empowering small businesses remains central to the administration’s economic strategy.
“This administration is deliberate in walking the talk, and one of the ways we do so is through platforms such as the MSME Clinic, conceived to draw the Federal Government closer to the creators of jobs, the innovators, the dreamers who make things happen in our communities,” Shettima added.
He highlighted the clinic as a direct interface between small business owners and regulatory agencies, financial institutions, and support organisations—designed to provide practical solutions to the challenges faced by entrepreneurs.
Beyond the grants, Shettima also announced several key federal government initiatives to boost productivity and economic diversification. These include:
A N75 billion MSME Intervention Fund managed by the Bank of Industry;
A N50 billion Presidential Conditional Grant Scheme targeting one million nano businesses across Nigeria’s 774 LGAs;
And a N75 billion Manufacturers Fund, offering loans of up to N1 billion at a 9% interest rate.
“These interventions are not theories or wishful thinking. They are real-time, face-to-face, problem-solving solutions for small business challenges,” Shettima noted.
On agriculture, the Vice President revealed that President Tinubu has approved a far-reaching initiative to plant 100 million oil palm trees nationwide, alongside efforts to revive the cocoa industry, as part of the government’s strategy to reposition Nigeria’s economy for sustainability and growth.
“The President is determined to revive the Oil Palm industry in this country. He has given a clear directive that we should plant 100 million oil palm trees across the country. We are also going to revive the cocoa industry,” he said.
The event attracted state governors, traditional leaders, and business stakeholders. Governor Lucky Aiyedatiwa of Ondo State, in his remarks, expressed gratitude to the Federal Government for its unwavering support for MSMEs, stating that the state aligns closely with the national agenda.
“Your presence here demonstrates your unwavering commitment to the development of our state and key sectors of our nation’s economy,” Governor Aiyedatiwa said.
“Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses.”
He noted that Ondo State’s seven-point development plan prioritises MSME growth, with notable progress in agriculture, fashion, and light manufacturing.
The event also featured a tour of an exhibition showcasing locally made products by MSME operators from across Ondo State and beyond.
