Tinubu approves ₦200bn support for small businesses, manufacturers

President Bola Tinubu says his administration has approved ₦200 billion in grants and financing support for small businesses and manufacturers across Nigeria.

The President said the intervention is designed to help micro, small and medium-sized enterprises (MSMEs) address challenges such as raising capital, paying workers and purchasing equipment.

Tinubu disclosed this in a statement on his official X account following a meeting between Vice-President Kashim Shettima and representatives of MSMEs from across the country.

Shettima received the delegation on the President’s behalf, alongside the Minister of State for Industry and heads of relevant agencies, including the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nigerian Export-Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC) and Industrial Training Fund (ITF).

Tinubu said the government wanted more entrepreneurs to benefit from its financing interventions and access the resources needed to expand their businesses.

He also disclosed that the Office of the Vice-President, through the Special Adviser on Job Creation and MSMEs, was strengthening its engagement with business owners.

According to the President, quarterly meetings led by Shettima would give entrepreneurs an opportunity to contribute to government decisions and ensure that commitments made to the sector are fulfilled.

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