THE CABLE
President Bola Tinubu says the federal government is making plans to support micro, small and medium-sized enterprises (MSMEs) in the country.
Speaking in a nationwide broadcast on Monday, Tinubu said 1,300 nano business owners will be given a grant of N50,000 each.
The SMEs will be drawn from the 774 local governments across the country, the president said.
“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion,” he said.
“Out of the sum, we will spend N50 billion on conditional grant to 1 million nano businesses between now and March 2024.
“Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.”
According to Tinubu, the programme is also meant to drive financial inclusion.
