President Bola Ahmed 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 President disclosed this following a meeting between Vice President Kashim Shettima and representatives of MSMEs from different parts of the country, who visited the Presidential Villa to discuss challenges confronting small businesses.
Shettima received the delegation on behalf of Tinubu, alongside 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).
Tinubu acknowledged the difficulties Nigerian entrepreneurs face in sustaining their businesses, particularly in raising capital, paying employees, purchasing equipment and meeting daily operational expenses.
He 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 MSME sector.
According to the President, the forthcoming working capital programmes will provide additional financial assistance to entrepreneurs, enabling them to meet immediate business obligations, sustain operations and expand their businesses.
Tinubu also commended the Office of the Vice President for strengthening engagement with business owners through the Special Adviser on Job Creation and MSMEs.
He emphasised that the quarterly meetings chaired by the Vice President should provide entrepreneurs with opportunities to contribute meaningfully to government policies and ensure that commitments made to the sector are implemented.
The President expressed appreciation to the MSME representatives for their visit and confidence in his administration, reaffirming his commitment to addressing challenges affecting small businesses.
He maintained that supporting entrepreneurs remains important to promoting economic growth, creating employment opportunities and strengthening businesses across the country.
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