FG Rolls Out ₦250,000 Free Grants for MSMEs, Opens Ultra-Modern ICT Hub in Cross River
- The Nigerian government has unveiled a N250,000 unconditional grant scheme for small business owners
- The scheme, which targets Micro, Small and Medium Enterprises (MSMEs), aims to boost their operational capacity
- Vice President Kashim Shettima also inaugurated a state-of-the-art ICT centre in Calabar, Cross River state
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s Vice President, Kashim Shettima, has unveiled the Federal Government’s state-of-the-art information, communication and technology centre for Micro, Small and Medium Enterprises (MESME) in Cross River state.
This is part of the current administration’s drive to empower entrepreneurs with tools and skills for work.
Source: Getty Images
FG gives N250,000 grants to business owners
The unveiling also coincided with the 8th Expanded National MSME Clinics, which brought together federal government agencies, such as CAC, NAFDAC, BOI, and SMEDAN, to tackle business owners’ challenges on-site.
According to MSME Africa, the Vice President disclosed that each outstanding MSME at the unveiling will get an unconditional N250,000 grant, saying that the fund is not a loan but a gift to accelerate their journey.
Other federal government intervention schemes
Shettima also outlined other interventions, such as a N75 billion MSME Intervention Fund through the Bank of Industry, a N50 billion Presidential Conditional Grant Scheme for one million nano businesses, and a N75 billion manufacturers’ fund, with each manufacturer receiving up to N1 billion at a low interest rate.
He also commissioned two 100-seater Bombardier CRJ1000 jets for the Cross River state-owned Cally Air.
Reports say officials at the event praised the MSME clinic as a transformative platform for business innovation and growth.
FG empowers Nigerians via the CEDE fund
The Nigerian government is intensifying its efforts to support small businesses, aiming to provide employment opportunities for other Nigerians.
The development comes as the Nigerian government launched phase one of the Creative Economy Development Fund (CEDE) to provide sustainable financing for the country’s growing creative and cultural sectors.
The fund, which was recently approved by the Federal Executive Council (FEC), was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy.
FG explains the fund’s target audience
The fund aims to empower several sectors, positioning Nigeria as a global player and leader in creative industries.
Application for phase one of the fund will close on May 30, 2025, while the second phase, targeting SMEs and startups, will launch on August 4, 2025.
The fund targets writers and publishers, artists, fashion designers, filmmakers and directors, gaming studios, cultural tourism providers, media and digital platforms, local logistics, and training providers.
How to apply for the fund
Eligible and interested applicants should visit the fund’s platform, click on apply, fill out the form and provide their details.
Applicants must provide their company’s name, address and proof of business registration.
They are also asked to provide the main and supplementary contact details, area of operation, current stage of business, and the type of funding.
Source: Twitter
According to reports, only applications from $100,000 and above will be accepted in the first phase.
FG invites Nigerians to apply for N50k
Legit.ng earlier reported that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched a conditional grant scheme for micro enterprises for strictly for small business owners.
This government-backed scheme aims to provide conditional financial grants to nano businesses of up to N50,000.
Statement from SMEDAN shows that CGS for micro enterprises is specifically tailored to support small business owners operating at the local government level.
Source: Legit.ng
