Latest Update on 150k FG Grant in March 2024

Over 17,000 micro, small, and medium enterprises (MSMEs) and traders in Ogun State received a significant boost with separate grant announcements and additional initiatives from the Federal and State Governments. These efforts aim to empower the state’s businesses and contribute to its economic development.

MSMEs Clinic and Grant Announcements

The announcements were made during the Second Expanded National Micro, Small and Medium Enterprises Business Clinic held in Abeokuta, Ogun State. This event, organized by the Vice President’s office in collaboration with the Ogun State government, provided a platform for addressing challenges faced by MSMEs and exploring solutions.

FG Grants March 2024

Vice President Kashim Shettima announced the following grants:

• N100,000 grant for each of the 200 entrepreneurs working at the Modern Adire Shared Facility, a space equipped with modern tailoring machines. Additionally, they will be exempt from paying rent for one year.
• N150,000 grant for each exhibitor participating in the Business Clinic to further boost their businesses.

He commended Governor Dapo Abiodun’s dedication to supporting MSMEs and reiterated the Federal Government’s commitment, under President Bola Tinubu’s leadership, to grow the MSME sector and strengthen the national economy.

Ogun State Government Grants and Initiatives

Governor Abiodun unveiled a N2 billion conditional grant program to support MSMEs in the state:

• N100,000 grant for each of 10,000 MSMEs.
• N500,000 grant for each of 2,000 small and medium enterprises (SMEs).

To further expand support, the Governor announced:

• N50,000 grant for each of 5,000 market women to enhance their trading activities.
• Grants for students (details to be announced).

He emphasized his administration’s focus on creating an enabling environment for MSMEs through various initiatives, including:

• Improved access to finance: The grant programs aim to address the financial limitations often faced by MSMEs.
• Land rebates: Making land more affordable for businesses to set up and expand.
• Improved infrastructure: Investing in infrastructure development to improve the overall business environment.
• Enhanced security: Ensuring a safe and secure environment for businesses to operate.

Additional Initiatives

Ogun State SME Industrial Park: Through its SME Industrial Land Administration Scheme (SILAS), the state plans to establish a 1,000-hectare SME Industrial Park. This park will offer:

• Lower market rates for land acquisition, making it more accessible for businesses.
• Certificates of Occupancy to provide land ownership security.
• Tax and land use charge rebates to further reduce operational costs for businesses.

Reactions:

The announcements were met with praise from the President of the Organised Private Sector Network (OPSN) and Association of Small Business Owners of Nigeria (ASBON). They described the grants and initiatives as timely interventions that will not only benefit businesses in the short term but also contribute to increased revenue generation for the government in the long run.

Overall, the combined efforts of the Federal and Ogun State Governments, through grant programs, initiatives, and infrastructure development, aim to empower MSMEs in Ogun State, fostering business growth and contributing to a more robust and sustainable state economy.