The federal government has introduced a ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund aimed at boosting the development of small-scale entrepreneurs throughout Nigeria.
Vice President Kashim Shettima emphasized that this initiative aligns with President Bola Ahmed Tinubu’s vision of fostering a dynamic, inclusive, and innovation-led economy.
During the 9th Expanded National MSME Clinic in Katsina, Shettima revealed that the fund, managed by the Bank of Industry (BoI), will offer loans up to ₦5 million to 75,000 MSMEs at an annual interest rate of 9 percent.
“This ₦75 billion MSME Intervention Fund embodies President Tinubu’s resolve to unleash the vast potential of Nigerian entrepreneurs. We are committed to creating an economy where success is driven by ideas rather than connections. Every diligent business owner deserves affordable financing and equal opportunities to expand,” Shettima stated.
Additionally, the government has rolled out a ₦50 billion Presidential Conditional Grant Scheme, which will distribute ₦50,000 each to one million nano businesses across Nigeria’s 774 local government areas, complementing other ongoing efforts to nurture enterprise growth.
The Vice President also announced that exceptional MSME participants in Katsina would be awarded an unconditional grant of ₦250,000, sanctioned by President Tinubu, to encourage their innovation and perseverance.
Highlighting Katsina’s emergence as a key entrepreneurial center, Shettima noted that over 39,000 MSMEs in the state have benefited from ₦2.5 billion in federal support. Furthermore, 23 rural businesses received ₦112 million through the Rural Area Programme on Investment for Development.
Shettima praised Governor Dikko Umaru Radda for founding the Katsina State Enterprise Development Agency (KASEDA), calling it “a model for how state governments can integrate MSME advancement into their governance frameworks.”
The Vice President pointed out that the collaboration between the federal government and Katsina State has produced tangible outcomes, including the ₦5 billion Katsina MSME Growth Fund launched in June 2024, which has already disbursed ₦576 million to 237 entrepreneurs.
Governor Radda, in his address, affirmed his administration’s full support for the federal government’s agenda. The state has established a ₦5.5 billion MSME Fund, with ₦1 billion already allocated to 701 businesses statewide.
“Our MSME ecosystem is now powered by data analytics, innovation, and strategic partnerships. We have completed a comprehensive MSME census and cluster mapping, formulated a five-year strategic plan, and set up shared facility centers specializing in fashion, leatherwork, and food processing. Katsina is poised for industrial advancement,” Radda declared.
He also unveiled a six-month mentorship and business monitoring program for all MSME Clinic attendees, highlighting that KASEDA has supported over 100,000 entrepreneurs since 2023.
Radda committed to ongoing collaboration with agencies such as SMEDAN, BoI, the National Information Technology Development Agency (NITDA), Nigerian Export Promotion Council (NEPC), Standards Organisation of Nigeria (SON), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC) to ensure entrepreneurs gain certification, financial access, and continuous skill development.
The event attracted more than 500 exhibitors and numerous federal and private sector organizations, including the Bank of Industry, Access Bank, Wema Bank, SMEDAN, NEXIM Bank, NEPC, NITDA, and SON, all offering immediate support and solutions to business owners.
Distinguished guests included the Minister of Housing and Urban Development Ahmed Dangiwa, Speaker of the State House of Assembly Nasir Yahaya Daura, and former governors Shehu Shema and Aminu Bello Masari.
