During the second Expanded National Micro, Small, and Medium Enterprises (MSMEs) Business Clinic held in Ogun State, Vice President Kashim Shettima announced that more than 17,000 Micro, Small, and Medium Enterprises (MSMEs) and traders in the state received grants from the Federal and Ogun State Governments.
At the event organized by the Office of the Vice President in collaboration with the Ogun State Government, Shettima disclosed that 200 entrepreneurs at the Modern Adire Shared Facility would each receive a grant of N100,000 and an exemption from paying rent for one year. Additionally, each exhibitor at the Expanded National MSMEs Business Clinics would receive an N150,000 grant to further boost their businesses.
Governor Dapo Abiodun of Ogun State revealed that the state government, in response to the present economic conditions, would support small businesses with a N2 billion conditional grant. Through this initiative, 10,000 MSMEs would be empowered with N100,000 grants each, while 2,000 SMEs would receive N500,000 grants to aid their businesses. The informal sector would also benefit, with 5,000 market women receiving N50,000 each to boost their trading activities, and students also benefiting from government cash grants.
Abiodun further announced the establishment of a 1,000-hectare SME industrial park through the SME Industrial Land Administration Scheme, aimed at harnessing the benefits of the African Continental Free Trade Agreement. The park would be available to small business owners at lower market rates and would offer benefits such as Certificates of Occupancy and incentives like rebates on taxes and land use charges.
Dr. Femi Egbesola, the President of Organized Private Sector Network and Association of Small Business Owners of Nigeria, commended the Federal and Ogun State Governments for the grants, describing them as timely help that would enhance businesses and result in improved revenue generation in the long run.
