The Federal Government has unveiled plans to reward the grand winner of the 2025 National Micro, Small, and Medium Enterprises (MSMEs) Award with prizes valued at over N220 million, including a house, shops, cars, and cash incentives. Other category winners will also receive prizes worth over N50 million as part of the government’s efforts to recognize and support outstanding small businesses in the country.
The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, disclosed this during a press briefing in Abuja to announce the eighth edition of the National MSMEs Award. He explained that the awards will take place during the 2025 MSMEs Week, which coincides with the 2024 United Nations World MSMEs Day.
According to him, the initiative aligns with President Bola Tinubu’s commitment to fostering economic growth by empowering small businesses. He highlighted that for the first time, entrepreneurs living with disabilities will be recognized, allowing them to compete for various prizes.
“As part of our mandate to continuously improve, we have considered businesses owned by persons with disabilities. The PWDs category will be included, giving them the opportunity to showcase their contributions to the Nigerian economy,” he stated.
Adekunle-Johnson further explained that the overall winner of the competition will receive a total package worth at least N220 million, while other category winners in the ten award categories may receive prizes valued at around N70 million each.
He also announced that President Tinubu has approved an increase in grants for outstanding MSMEs, raising the support from N150,000 to N300,000. The grant is aimed at helping small businesses scale up their operations and enhance productivity.
“If you run an MSME and your products are deemed outstanding, you can qualify for a grant. This is part of the administration’s commitment to ensuring that micro businesses grow into small enterprises and that small businesses can aspire to become large-scale companies,” he added.
The screening and selection process for the awards will involve key government agencies, including the National Information Technology Development Agency, the Standards Organisation of Nigeria, the Bank of Industry, and other relevant bodies.
