The federal government has announced the distribution of N150,000 to small business owners in the southeast state, Enugu.
This is contained in a statement on Thursday by the spokesperson of the vice president Kashim Shettima, Stanley Nkwocha, following Shettima’s visit to the MSME Fashion Hub in the State.
Speaking during the launch of the 5th Expanded National MSME Clinic in the Coal City, the Vice President noted that the N150,000, which is an outright grant that has no requirement for repayment, reflects the commitment of the Tinubu administration to nurturing MSMEs and fostering economic growth in the country.
“Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event.
“Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth,” the VP stated.
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Speaking further, Senator Shettima expressed satisfaction with the federal government’s efforts in promoting the growth and survival of the nation’s MSMEs, emphasizing that “no economy can thrive without robust small businesses., ”
Moreover, he commended the Tinubu administration’s policy choices, which he believes demonstrate a clear understanding and foresight in addressing the challenges threatening the country’s economic stability.
The Vice President stated that Nigeria cannot progress as a nation without fully harnessing the potential of its business community across various regions and states.
“The only way we can achieve this is by standing united, from Abia to Zamfara, in pursuit of a shared objective. Small businesses account for 96% of all businesses in Nigeria and contribute more than 45% to our GDP. I am sure you understand what this means: without you, Nigeria would be nowhere,” he declared.
What you should know
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme, aiming to support nano businesses.
Scheduled to start on March 9, 2024, the Trade Grant Scheme provides non-repayable financial grants of N50,000 to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans.
The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.
The minister of Industry, Trade and Investment, Doris Uzoka-Anite, said that each qualifying recipient would receive a N50,000 grant, directly deposited into their bank accounts.
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