FG unveils N1bn grant scheme to boost small businesses

The Federal Government has unveiled a N1bn grant scheme aimed at supporting small businesses across Nigeria, in a move designed to strengthen the Micro, Small and Medium Enterprises (MSME) sector and stimulate job creation.

Announcing the initiative in Abuja, the President’s Senior Special Adviser on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the funding would be disbursed under the 2026 National MSME Awards, with applications scheduled to open from April 7 to May 7.

The programme, themed “Renewed Hope for MSMEs,” marks a policy shift from previous editions that rewarded winners with assets such as cars and houses. Instead, the government will prioritise direct financial grants to enable businesses address immediate operational needs and scale their activities.

Adekunle-Johnson noted that the initiative would extend beyond top winners, with more enterprises across multiple categories expected to benefit, reflecting efforts to broaden access to funding within the sector.

In addition to financial support, beneficiaries will receive mentorship and advisory services from relevant government agencies, including assistance with market access and opportunities to participate in international exhibitions.

Organisers said businesses would be assessed based on criteria such as innovation, creativity, job creation and the use of technology, while applicants are required to provide proper documentation, including regulatory approvals and tax records.

The scheme will cover about 12 sectors, including manufacturing, agriculture, textiles, and the creative industries, underscoring its broad economic focus.

The award ceremony is scheduled for June 27, coinciding with the United Nations World MSME Day, as authorities emphasised that the selection process would be transparent and merit-based.

The initiative highlights the government’s renewed push to empower small businesses, widely regarded as a critical driver of economic growth and employment in Nigeria.