In a concerted effort to bolster economic growth and support small businesses, the Federal Government and the Ogun State Government have jointly provided grants to over 17,000 Micro, Small, and Medium Enterprises (MSMEs) and traders across the state.
Vice President Kashim Shettima made the announcement during the second Expanded National Micro, Small, and Medium Enterprises Business Clinic, convened in Abeokuta, as revealed in a statement by the Ogun State Government on Sunday.
At the event, Shettima disclosed that 200 entrepreneurs at the Modern Adire Shared Facility would receive a grant of N100,000 each, along with a one-year exemption from rent payments. Additionally, exhibitors at the Expanded National MSMEs Business Clinics would be awarded a grant of N150,000 each to further stimulate their business operations.
Highlighting the collaborative efforts between the Office of the Vice President and the Ogun State Government, Shettima emphasized the importance of creating an enabling environment for MSMEs to thrive, praising Ogun State for its proactive measures in supporting small businesses.
Governor Dapo Abiodun unveiled the Ogun State Government’s commitment to supporting small businesses amid prevailing economic challenges. He announced a N2 billion conditional grant aimed at empowering 10,000 MSMEs with N100,000 each, while an additional 2,000 SMEs would receive a grant of N500,000 to enhance their operations.
Abiodun outlined the administration’s multifaceted approach to economic empowerment, including support for market women and students through cash grants. He also revealed plans to establish a 1,000-hectare SME industrial park under the SME Industrial Land Administration Scheme, offering incentives such as discounted rates and tax rebates to small business owners.
Dr. Femi Egbesola, President of the Organised Private Sector Network and the Association of Small Business Owners of Nigeria, commended both the Federal and Ogun State Governments for their timely intervention, noting the positive impact it would have on businesses and overall revenue generation.
The grants provided by the governments reflect a proactive effort to stimulate economic growth, empower entrepreneurs, and foster sustainable development within the MSME sector.
