President Bola Ahmed Tinubu has announced plans to introduce new working capital initiatives aimed at supporting approximately 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria over a one-year period.
The President disclosed this in a statement shared on his official social media page, noting that the proposed initiatives would help entrepreneurs meet their daily operational expenses and sustain their businesses.
Tinubu, who was represented by Vice President Kashim Shettima at a meeting with MSME representatives from across the country, acknowledged the challenges facing small business owners, including access to capital, payment of workers and the purchase of essential equipment.
The meeting was attended by the Minister of State for Industry and heads of relevant government 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).
The President recalled that his administration approved N200 billion in grants and financing support for small businesses and manufacturers in 2023 as part of efforts to strengthen the country’s entrepreneurial sector.
He explained that the forthcoming working capital programmes would provide additional assistance to business owners, enabling them to address immediate financial needs and create opportunities for sustainable growth.
Tinubu also commended the Office of the Vice President for strengthening engagement with entrepreneurs through quarterly meetings coordinated by the Special Adviser on Job Creation and MSMEs.
He stressed that such engagements must provide business owners with a meaningful opportunity to contribute to government decisions while ensuring that commitments made to them are fulfilled.
The President expressed appreciation to the MSME representatives for their confidence in his administration, reiterating his determination to address the challenges confronting small businesses.
He maintained that supporting entrepreneurs remains essential to expanding economic opportunities, promoting job creation and strengthening Nigeria’s productive capacity.
The planned initiative forms part of the administration’s broader efforts to improve access to finance and create a more supportive business environment for Nigerian entrepreneurs.
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