The federal government has said the most outstanding micro, small and medium enterprise in Nigeria would be rewarded with a house, store and cash worth N220 million in a new criteria that was released on Monday.
Apart from the best MSME in the award programme, other winners in the various categories would go home with cash and property awards valued at N50 million each in a selection process that is promised to be rigorous and accommodating to the best among the thousands of applicants in 2025.
There are 10 categories for the contestants to pitch their businesses in an online contest that would be opened for entries from March 7th to April 7th 2025.
70, 000 entries were received in the 2024 edition of the business support programme that is expected to help the government achieve its job creation for Nigeria’s largely unemployed population.
The senior special assistant to the President on job creation and MSMEs, Tola Adekunle-Johnson said the 2025 award programme is in line with the commitment of the administration of President Bola Ahmed Tinubu to ensure sustainable growth in the small business space.
“The winner of the MSME of the Year goes home with a car, house, shop and cash prize, all valued at N220m. In the other categories, winners will go home with prizes worth over N50 million,” Adekunle-Johnson stated yesterday at a press conference to announce the kick-starting of preparations for the 2025 National MSME Awards in Abuja.
According to minister of finance, Wale Edun, the sum of N55.657 billion was disbursed to manufacturers, and micro, small and medium enterprises as part of the broader N200 billion Presidential Intervention Fund in supporting job creation and economic empowerment in 2024.
Lack of finance accounts for approximately 27.8 per cent of the main challenges faced by MSMEs in Nigeria.
Deputy director/head, MSMEs desk at Standards Organisation of Nigeria, Phebean Arumemi said the selection processed for “this 7th edition will be exceptional” and would be based on merit, regulatory compliance, consistency with tax payment, registration with Corporate Affairs Commission and impact such firm is making with regards to job creation, innovation and use of local content.
General manager, strategy and cooperate communications department at NEXIM Bank, Tayo Omidiji urged the prospective applicants to prioritize quality and standardization in their production process with a focus on adding value for export.
He said Nigerian firms can compete with their foreign contemporaries is their value addition in the production process. “This project was designed to help create jobs for Nigerians in partnership with the private sector. The best way to achieve that is through value addition and quality products. The process of selection will not be influenced by anybody. It would be based on impact and quality of the products,” He stated.
One of the private sector partners, Access Bank Plc, said it was happy to partner with the government to ensure jobs are created in the country. “We will continue to support the government to ensure small businesses become big,” Access Bank regional manager, Chukwuemeka Nwakile stated.
