Tinubu Targets 250,000 MSMEs With New Working Capital Initiative

President Bola Tinubu has announced plans to introduce new working capital initiatives aimed at supporting the monthly operations of about 250,000 micro, small and medium enterprises (MSMEs) across Nigeria over a one-year period.

The proposed intervention, expected to be unveiled in the coming weeks, is designed to help small businesses meet immediate operational expenses, including workers’ salaries, equipment purchases and other costs associated with running their businesses.

Tinubu disclosed this in a statement following a meeting between Vice President Kashim Shettima and representatives of MSMEs from across the country, alongside the Minister of State for Industry and the heads of 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).

The President, who was represented at the meeting by Shettima, acknowledged the financial and operational challenges confronting small businesses, particularly in raising capital, paying employees and acquiring necessary equipment.

“I know how much hard work it takes to keep a small business running in Nigeria. From raising capital to paying workers and buying equipment, our entrepreneurs face challenges that government must continue to address,” Tinubu said.

He noted that the Federal Government had approved ₦200 billion in grants and financing support for small businesses and manufacturers in 2023, adding that the forthcoming initiatives would provide additional assistance to entrepreneurs.

“In the coming weeks, we will unveil new working capital initiatives to support the monthly operations of about 250,000 MSMEs over a one-year period,” he said.

According to him, the intervention is expected to help more entrepreneurs meet immediate business needs, sustain operations and access the working capital required to grow.

The announcement comes amid persistent financing and operating-cost pressures facing Nigerian MSMEs, which contend with challenges ranging from limited access to affordable credit to rising input costs and difficulties maintaining regular cash flow.

Tinubu also highlighted efforts by the Office of the Vice President, through the Special Adviser on Job Creation and MSMEs, to strengthen engagement between government and business owners.

He said the quarterly meetings chaired by the Vice President should provide entrepreneurs with a meaningful voice in government decisions and ensure that commitments made to them are implemented.

“The quarterly meetings chaired by the Vice President must give entrepreneurs a meaningful voice in government decisions and ensure that commitments made to them are followed through,” he added.

The President thanked the MSME representatives for their visit and confidence in his administration, reiterating his commitment to addressing the challenges confronting small businesses.

“We have more work to do, and I intend to see it done,” he said.

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