June 07, (THEWILL) – President Bola Tinubu has directed the release of N150,000 as a government grant to each of the Micro, Small, and Medium Enterprises (MSMEs) categories in Ekiti State.
Vice President Kashim Shettima disclosed this on Thursday, at the launch of the 3rd edition of the Expanded National MSMEs Clinic in Ado Ekiti.
A press statement issued by Stanley Nkwocha, the media spokesman to the Vice President, explained that the N150,000 was an outright grant that did not require beneficiaries to repay.
“I am pleased to share that Mr President has directed me to ensure that all outstanding exhibiting MSMEs at the Clinic today receive a grant of 150,000 Naira each. This is an outright grant, and the beneficiaries will not need to repay it. We extend our gratitude to our partners for their unwavering support”, Shettima said.
The Expanded National MSME Clinics was one of the federal government’s strategies for making it easier to do business in Nigeria through a series of business forums organised in different cities across the country to proffer on-the-spot solutions to challenges confronting MSMEs, with the first and second editions launched in Benue and Ogun States respectively, earlier this year.
Earlier on arrival in Ado-Ekiti, the Vice President, who was received by Governor Biodun Oyebanji, his wife and other top government functionaries, commissioned the Ekiti State Ultra-Modern Fashion and Garment Hub at Odua Textile Complex, Basiri, Ado Ekiti.
Shettima and his entourage also inspected the Adire Ekiti Hub, a pet project of the first lady of Ekiti State.
Launching the third edition of the Expanded MSME Clinics at the Trade Fair Complex, Old Iyin Road in Ado Ekiti, the Vice President hinted at the initiative moving next to Borno and Enugu States, “before culminating in the National MSME Awards in FCT on June 27, 2024, to commemorate the United Nations World MSME Day”.
He noted that the only way the Tinubu administration was appealing “to the land of honour and integrity” was by ensuring the expansion of the labour market and supporting the required skills.
“Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition. We cannot claim to have excelled in our interventions unless they remain our top priority. Our commitment to revitalising the MSME sector ensures that these businesses continue to serve their essential buffering function”, he explained.
For the ultra-modern MSME Fashion Hub which he commissioned earlier, Shettima said while it competes ideally with others globally, the hub has the potential of creating an estimated 48,000 jobs annually.
Describing the hub as a significant milestone by the Tinubu administration to empower local industries, he stated: “It boasts the capacity to produce a wide range of fashion gear, including military uniforms, and rivals any facility in the world. Equipped with modern-day machinery and technology, this hub holds immense potential for job creation, with projections estimating an average of 48,000 jobs annually.
“We anticipate that this facility will be managed by a competent private sector entity, while both federal and state governments will maintain vigilant oversight over its operations. With over 300 pieces of cutting-edge equipment, this hub represents a significant milestone in our efforts to empower local industries”, he said.
The Vice President, however, expressed regret that it would not be possible to commission the other MSME Clinic project, a fully equipped ICT hub in Erinmope, which, is about 2 hours from the state capital, due to time constraints.
“However, the President has approved that His Excellency, the Governor of Ekiti State, his team, Access Bank and BOI MDs, along with the SSA MSMEs and Job Creation to the President, facilitate the commissioning”, he said.
