The Federal Government has announced that it will provide 150,000 Naira to small business owners in the southeastern state of Enugu.
This is contained in a statement issued by Vice President Kassim Shettima’s spokesperson, Mr Stanley Nkwocha, on Thursday following his visit to the state’s MSME fashion hub.
Speaking at the launch of the 5th Expanded National MSME Clinic in Coal City, the Vice President said the N150,000 grant, which is a full grant with no obligation to repay, reflects the Tinubu administration’s commitment to fostering and nurturing MSMEs. He said he is doing so. economic growth of the country.
“Respected ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has ordered a subsidy of N150,000 each to outstanding MSMEs exhibiting at today’s event.
“We would like to assure you that this is a full grant with no repayment obligation and reflects our commitment to fostering MSMEs and promoting economic growth,” the Vice President said.
Further information
Senator Shettima further expressed satisfaction at the Federal Government’s efforts to promote the growth and survival of MSMEs in the country, stressing that “no economy can thrive without robust MSMEs”.
He further commended the Tinubu administration for its policy choices, which he believed demonstrated clear understanding and foresight in addressing the challenges that threaten the country’s economic stability.
The Vice President said Nigeria cannot develop as a nation without harnessing the full potential of its business community across different regions and states.
“The only way we can achieve this is by coming together from Abia to Zamfara to pursue a common goal. Small and medium-sized enterprises represent 96% of all businesses in Nigeria and contribute over 45% of GDP. I am sure you understand what this means. Nigeria is nowhere without you,” he declared.
What you need to know
In December 2023, the federal government introduced the Presidential Conditional Grant Scheme (PCGS) aimed at supporting nanobusinesses as part of the Presidential Relief Program.
The Trade Subsidy Scheme, scheduled to begin on March 9, 2024, will provide a N50,000 non-repayable grant to eligible small and medium-sized business owners in various sectors including trade, food services, ICT, transport, creative industries and artisans. We provide.
PCGS aims to allocate 70% of its grants to women and youth, 10% to individuals with disabilities, 5% to seniors, and leave 15% for other groups.
The Minister of Industry, Trade and Investment, Doris Uzoka Anite, said each eligible beneficiary will receive a grant of N50,000 which will be deposited directly into their bank account.
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