President Bola Ahmed Tinubu on Tuesday announced the approval of N250,000 grant for each outstanding Micro, Small, and Medium Enterprise (MSME) exhibiting at the 9th Expanded National MSME Clinic in Katsina State, in addition to the Federal Government’s N2.5 billion intervention in MSMEs across the state.
President Tinubu made the announcement through Vice President Kashim Shettima in Katsina on Tuesday.
Speaking at the clinic, Shettima said “President Bola Ahmed Tinubu has approved an unconditional grant of N250,000 for each outstanding MSME exhibiting at today’s clinic. This is a non-repayable grant.” Shetimma said, just as he also emphasized that the grant reflects the President’s commitment to removing barriers that have historically hindered the growth of MSMEs across Nigeria.
The VP also disclosed that the administration has introduced a N75 billion Manufacturers Fund to provide financial support to businesses in the manufacturing sector.
Shetimma, who said the grant is a non-repayable intervention designed to empower innovative entrepreneurs and support the administration’s drive for enterprise-led national transformation, further explained that under the N75 billion MSME Intervention Fund, eligible businesses can access up to N5 million in loans at 9 percent interest per annum.
As for the N75 billion Manufacturers Fund, he said businesses in the industrial sector can access up to N1 billion in loans to cushion high production and distribution costs.
“Through the N50 billion Presidential Conditional Grant Scheme, one million nano businesses across Nigeria’s 774 local government areas are receiving N50,000 each, while over 39,000 MSMEs in Katsina State alone have already benefited from various federal interventions amounting to N2.5 billion,” he added.
Shettima also revealed that the N5 billion Katsina State MSME Growth Fund—a joint initiative between the Federal and State Governments—has disbursed N576 million to 237 beneficiaries since its launch in June 2024, just as he also described the initiative as a matching fund designed to boost local businesses.
On his part, Katsina State Governor Dikko Umaru Radda noted that his government launched the N5 billion MSME Development Fund, with N500 million already disbursed to youth and women entrepreneurs across various sectors.
Radda added that the state government is strengthening strategic partnerships with the Bank of Industry, Sterling Bank, SMEDAN, and the United Nations Development Programme (UNDP), noting that these partners recently committed N542 million to support MSMEs in conflict-affected communities within Katsina State.
