FG intends to offer a substantial incentive prior to MSME Week

The Nigerian government has initiated preparations to award financial prizes, residences, and automobiles to Micro, Small, and Medium Enterprises (MSMEs) in the country in observance of MSMEs Week this year.

The programme is a component of a comprehensive set of incentives designed to promote innovation, standardisation, and scaling, as well as to incentivize small businesses to engage in competitive foreign markets.

Mr. Temitola Adekunle-Johnson, the senior special assistant to President Bola Tinubu on job creation and micro, small, and medium enterprises (MSMEs), stated at a press briefing in Abuja that the government is also contemplating a nationwide apprenticeship-style trade education programme, which is prevalent among the Igbo people.

According to Adekunle-Johnson, a portal for MSME operators to apply for a chance to be considered in a national competition is scheduled to be launched from May 1st to May 30th, 2024. The most successful small-scale businesses will be awarded Sport Utility Vehicles, house blocks, and financial grants in June.

Additionally, he disclosed that the government is planning to establish an expanded network of MSME clinics in Abuja. These clinics will provide a venue for MSMEs to showcase their enterprises, obtain on-site investments, and advance the five fundamental areas of MSME development—financing, skill development, infrastructure, market access, and technology.

“The expanded MSME clinics of the FCT will facilitate communication between the states, small businesses, and the federal government.” “Its objective is to accomplish this by convening for a duration of one to two days a press conference wherein all pertinent regulatory agencies whose operations have an effect on the operational experiences of small businesses convene in a single location to consult and resolve issues,” Adekunle-Johnson explained yesterday.

Phebean Arumemi, director of the SME division at Standard Organisation of Nigeria, stated that the national competition provides a forum for Nigerian SMEs to exhibit potential investment prospects in their enterprises. She stated that the SMEs will be able to benefit from the Africa Intercontinental Free Trade Area.

The MSME award is a yearly occasion designed to recognise exceptional indigenous MSMEs. “This occasion officially concludes National MSME Week by recognising the innovation and endeavours of micro, small, and medium enterprises (MSMEs) in Nigeria, in addition to the state governments’ contributions to the expansion of MSMEs in Nigeria,” he explained. There have been five award ceremonies thus far, during which more than forty recipients have been verified.