FG disburses ₦250,000 grants to MSMEs in Ondo

By Kunle Sanni –

The Federal Government has disbursed ₦250,000 each to selected small business owners in Ondo State as part of its nationwide support for Micro, Small, and Medium Enterprises (MSMEs). The exercise took place during the launch of the 7th Expanded National MSME Clinics on Tuesday in Akure, the state capital.

Vice President Kashim Shettima, who presided over the event, said the grant was a direct intervention under President Bola Ahmed Tinubu’s Renewed Hope Agenda, adding that supporting MSMEs remains a core pillar of the administration’s economic strategy.

“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry,” Shettima said. “We see you, we value you, and we believe in your journey.”

He highlighted the role of MSMEs in national development, noting that they account for over 90% of businesses in Nigeria, contribute more than 45% to GDP, and employ over 60 million Nigerians. He described them as the “lifelines of households” and “the pulse of every community.”

The Akure edition of the MSME Clinic brought together federal agencies, financial institutions, and business support organisations to engage directly with small business owners and address regulatory and operational challenges on the spot.

Key government interventions to boost the sector include a ₦75 billion MSME Intervention Fund managed by the Bank of Industry and a ₦50 billion Presidential Conditional Grant Scheme to support one million nano businesses nationwide with ₦50,000 each.

In addition, a ₦75 billion Manufacturers Fund has been introduced, offering eligible manufacturers financing of up to ₦1 billion at a 9% interest rate.

Ondo State Governor, Dr. Lucky Aiyedatiwa, commended the initiative, saying the state’s 7-point agenda aligns with the federal plan to grow MSMEs. He highlighted progress in sectors such as agriculture, fashion, and manufacturing.