Vice President Kashim Shettima, on Tuesday, disclosed that creating an enabling environment for MSMEs in Nigeria was central to the economic policy of the Renewed Hope administration of President Bola Tinubu.
Shettima said this as the federal government disbursed N250,000 unconditional grants each to outstanding business owners in Ondo State as part of ongoing efforts to empower Micro Small and Medium Enterprises (MSMEs) across the country.
Speaking at the launch of the 7th Expanded National MSME Clinics in Akure, Ondo State, Shettima described the N250,000 grant as a gift from Nigerians, through their government, to the champions of local industry.
“I am also pleased to announce today, in line with President Tinubu’s unwavering support for grassroots enterprises, that every outstanding exhibiting MSME identified during this clinic will receive an unconditional grant of N250,000.
“This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry. It is our way of saying: we see you, we value you, and we believe in your journey,” he declared.
The Vice President disclosed that 65 MSMEs from Ondo State have already accessed funding from the federal government’s N75 billion intervention fund, stressing that the Sunshine State was critical to the socio-economic development of the country.
Highlighting key sectors targeted for revival under the Renewed Hope Agenda, the Vice President announced a major national initiative in agriculture, saying “President Bola Ahmed Tinubu has given a clear directive that we should plant 100 million oil palm trees across the country. We’re also going to revive the cocoa industry.”
The Vice President noted that because MSMEs account for over 90 per cent of businesses in Nigeria, contributing over 45 per cent to the national economy and employing more than 60 million Nigerians, they are not only economic actors but also “the silent architects of survival, the lifelines of households, the pulse of every community.”
Explaining why MSMEs are central to the economic policy of the Tinubu administration, Shettima maintained that while they are the true engine of poverty alleviation, no sustainable effort to reduce poverty could be achieved without the jobs and opportunities they create.
Nigeria’s national prosperity, according to the Vice President, is entwined in the success of MSMEs, and the nation cannot grow its economy without empowering them.
He added: “This is why the Renewed Hope Agenda of President Bola Tinubu places the creation of an enabling environment for MSMEs at the heart of our economic policy. It is not rhetoric. It is a call to action. It is a covenant with the builders of our future.
“This administration is deliberate in walking the talk, and one of the ways we do so is through platforms such as the MSME Clinics, conceived to draw the federal government closer to the creators of jobs, the innovators, the dreamers who make things happen in our communities.”
Underscoring the essence of launching the Expanded MSMEs Clinic in Ondo State, the Vice President said they offer small businesses in the state an unprecedented opportunity “to engage directly with regulatory agencies, financial institutions, and business support organisations.”
Shettima also outlined other interventions under Tinubu’s administration to include the creation of a N75 billion MSME Intervention Fund being administered by the Bank of Industry (BoI), N50 billion Presidential Conditional Grant Scheme to support one million nano businesses across the 774 local government areas of Nigeria with grants of N50,000 each, and N75 billion Manufacturers Fund for manufacturers to access up to N1 billion in funding at nine percent interest rate.
He said the idea was to ensure the challenges of small business owners “find answers, not in theories or wishful thinking, but in real-time, face-to-face, problem-solving conversations.”
The Vice President assured that MSMEs remain the centre of economic vision of the Tinubu administration, urging small business owners “to take full advantage of the opportunities before them by engaging with the agencies present, seeking guidance, asking questions, and seizing every chance to elevate their businesses.”
He thanked the government of Ondo State for its partnership on investments in infrastructure, commending the state’s commitment to policies that welcome innovation and enterprise, as well as its support for local industry, which align perfectly with the federal government’s “broader agenda for a prosperous, inclusive economy.”
Earlier, the Governor of Ondo State, Dr. Lucky Aiyedatiwa, said the state government was also in alignment with the initiative of the federal government to drive MSME development and is implementing schemes that have enabled small businesses to address challenges inhibiting their growth.
He pointed out that his administration’s 7-point agenda, which prioritises MSME growth and development, has been impactful and has resulted in successes across different sectors of agriculture, manufacturing, and fashion, among others.
Acknowledging the determination of Tinubu and Shettima to support growth in the sector, Aiyedatiwa said, “Your presence here today demonstrates your unwavering commitment to the development of our state and key sectors of our nation’s economy.
“Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses across our country, and we remain grateful.”
In a goodwill message, Governor Biodun Oyebanji of Ekiti State appreciated the federal government, particularly the Vice President, for personally driving the initiative of the Clinics.
He acknowledged that the Ekiti edition of the clinics had been impactful and remains invaluable, as businesses have continued to benefit from the network created through the programme.
Oyebanji said the programme is the first attempt by any government in Nigeria to align growth to development through a deliberate and direct interface between facilitators and small business operators across the country.
Special Adviser to the President on Job Creation and MSME, Mr Temitola Adekunle-Johnson, said the Clinics have so far been very impactful, given the testimonials from operators in the sector.
He noted that the edition in Ondo State would not be different, as MSMEs were already interacting with regulatory agencies and partners to resolve issues affecting the growth of their businesses.
On his part, the Ooni of Ife, His Majesty, Oba Adeyeye Enitan Ogunwusi, acknowledged the contributions of the Vice President and Ondo state Governor to the growth of the MSME sector in the state, urging all stakeholders to support and promote made-in-Nigeria products as part of the broad plan to support budding entrepreneurs across the country.
Director General of Small and Medium Enterprises Development Agency (SMEDAN), Mr Charles Odii, said through the Clinics, the Tinubu administration’s agenda for small businesses is being actualised as evidenced in the feedback received from participants at the Ondo clinics.
High point of the occasion was the tour of the products exhibition by small business operators in Ondo and beyond by the Vice President, accompanied by the governors of Ondo and Ekiti, among other dignitaries.
Chairman of Ondo State Council of Chiefs, His Royal Majesty, Oba Ajibade Gbadegesin Ogunoye III, commended Tinubu for removing fuel subsidy, noting that this has enabled the federal government to deploy the subsidy funds to other sectors of the economy for which Ondo State is a beneficiary.
He also commended the federal government for being focused and pledged the support of the traditional council to the success of government policies, both at the national and Ondo state levels.
Deji Elumoye and Fidelis David
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