Federal Governments Grant Support to Over 17,000 Entrepreneurs | Check Post for More Details
In a significant boost to the economic landscape of Ogun State, the Federal Government, in collaboration with the Ogun State Government, has extended grants to more than 17,000 Micro, Small, and Medium Enterprises (MSMEs) and traders. This groundbreaking initiative was announced during the second Expanded National MSMEs Business Clinic, a testament to the commitment of both governments to foster entrepreneurship and drive economic growth in the state.
Vice President Kashim Shettima, delivering the announcement during the event held in Abeokuta, highlighted the substantial support earmarked for entrepreneurs. Notably, 200 entrepreneurs at the Modern Adire Shared Facility are set to receive a generous N100,000 grant each along with a one-year exemption from paying rent. This strategic move aims to alleviate financial burdens and provide a conducive environment for business growth. CONTINUE READING.....
Moreover, exhibitors at the Expanded National MSMEs Business Clinics will receive a N150,000 grant each, further catalyzing their business endeavors. Shettima emphasized that these concerted efforts are pivotal in creating a robust environment for MSMEs to flourish, acknowledging Ogun State's commendable role in enhancing the prospects of these enterprises.
Ogun State Governor, Dapo Abiodun, reiterated the state's commitment to supporting small businesses amid the prevailing economic conditions. The government has earmarked a N2 billion conditional grant to empower 10,000 MSMEs with a N100,000 grant each. Additionally, 2,000 SMEs will benefit from a N500,000 grant each, fortifying their operations and contributing to economic sustainability. CONTINUE READING.....
Governor Abiodun underscored the inclusivity of the initiative, as the informal sector would witness significant support. A total of 5,000 market women will receive N50,000 each to boost their trading activities, demonstrating a holistic approach to fostering economic prosperity. Students are not left out, as they too will benefit from the government's cash grant, reflecting a comprehensive strategy to uplift diverse sections of the community.
In a visionary move, Governor Abiodun unveiled plans to harness the benefits of the African Continental Free Trade Agreement through the establishment of a 1,000-hectare SME industrial park. This groundbreaking initiative will provide small business owners access to prime industrial land at lower market rates. The incentives include Certificates of Occupancy, rebates on taxes, and reduced land use charges, fostering a conducive environment for sustainable business operations.
Dr. Femi Egbesola, the President of the Organised Private Sector Network and the Association of Small Business Owners of Nigeria, lauded both the Federal and Ogun State Governments for their timely support. He described the grants as a crucial lifeline that will enhance businesses, leading to improved revenue generation and long-term economic benefits for the government.
In conclusion, the collaboration between the Federal Government and the Ogun State Government to support MSMEs is a commendable effort towards fostering economic growth and sustainability. The multifaceted approach, encompassing financial grants, exemptions, and the establishment of an SME industrial park, underscores a commitment to creating an enabling environment for businesses to thrive.
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