In an effort to alleviating the economic strains on Micro, Small and Medium Enterprises (MSME) in Nigeria, President Bola Ahmed Tinubu has directed the disbursement of a Federal Government grant of N150,000 each to business owners in Enugu State.
This was disclosed by Vice President Kashim Shettima while commissioned Nigeria’s largest “Ultra-Modern MSME Fashion Hub” in Enugu State, on Thursday.
Shettima stressed President Tinubu’s commitment to creating a business environment that provides incentives and opportunities to transforming MSMEs into formidable enterprises.
Shettima disclosed the disbursement of the Federal Government grant on Thursday when he also
Launching the 5th Expanded National MSME Clinic in Enugu State, VP Shettima urged the people to key into President Tinubu’s economic agenda.
The Expanded National MSME Clinics is one of the Federal Government’s strategies for ease of doing business in Nigeria. This the Government wants to achieve through series of business fora organized across the country to provide on-the-spot solutions to challenges confronting MSMEs.
The first, second, third and fourth editions had been launched in Benue, Ogun, Ekiti and Jigawa States respectively earlier this year.
Speaking at the event, Shettima noted that the N150,000, is an outright grant that has no requirement for repayment. He, however, emphasized that the grant is a reflection of the commitment of the Tinubu administration to nurturing MSMEs and fostering economic growth in the country.
He said, “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. Thus, reflecting our commitment to nurturing MSMEs and fostering economic growth.”
The VP expressed satisfaction with the pace at which the Federal Government is driving the growth and survival of the nation’s MSMEs. He noted that it attests to the fact that “there is no thriving economy without robust small businesses.”
Shettima, therefore, praised the policy choices of the Tinubu administration. Which, according to him, are based on the acknowledgement and foresight of the obstacles that threaten the nation’s economic existence.
He said, “It is not possible for Nigeria to advance as a nation without fully maximizing the strength of its business community across 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 per cent 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.
Shettima further noted that the 5th Expanded MSME Clinic is a platform for direct engagement with regulatory agencies. Such as NAFDAC, BOI, CAC, SON, NEPC, SMEDAN, as well as financial institutions and business support organizations. This is to ensure that MSMEs share their specific challenges with them on the spot and get instant solutions.
Earlier on arrival, the Vice President commissioned the ultra-modern Fashion and Garment Hub for MSMEs set up by the Federal Government in collaboration with the Enugu State Government.
While inspecting the facility, the Vice President went round to see ongoing work at the Enugu International Conference Centre being constructed by the State Government. He also inspected the progress of work at the Enugu Command and Control Centre and the Digital Museum at the Government House.
Speaking on the Enugu Fashion Hub, the VP said the business facility, along with other hubs established across the country, is a steppingstone to the desired economic height. This is even as he expressed the belief that the hub – the largest commissioned in Nigeria so far – will meet global standards and create about 48,000 jobs.
He said, “Aside from standing as one of the largest we’ve commissioned, it is equipped with cutting-edge technology to support the fashion manufacturing cluster in Enugu State. And to help boost production capacity and enabling economies of scale in the State.
“This hub has the potential to produce a wide array of fashion products. From military uniforms to school and corporate wear, meeting global standards and creating about 48,000 jobs in the process.
“We anticipate that the hub will be managed by a competent private sector entity. With the Federal and State Governments providing vigilant oversight. Our hope is that this facility will redefine entrepreneurship and training, not only in Enugu State but across Nigeria.”
Shettima, therefore, commended Governor Peter Mbah for his support in ensuring the establishment of the hub. He noted that the Federal Government is looking “forward to partnering with Coal City State towards making the Enugu Fashion Hub a centre of productivity and attraction.”
source: Premium Times
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