FG To Reward Outstanding MSMEs With Cars, Houses, Funds

The Nigerian government has begun plans to reward best Small and Medium Scale Enterprises (MSMEs) in the country as part of events to mark this year MSMEs Week. The programme is part of incentives to support innovation, standard and encourage the small businesses to favourably compete with their foreign counterparts.

The government said a portal would be opened between 1st and 30th of May 2024 for MSME operators to apply for consideration in a national contest that is expected to throw up best small scale businesses that would will be rewarded with Sport Utility Vehicles, blocks of houses and financial grants in June.

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Mr Temitola Adekunle-Johnson who is the senior special assistant to President Bola Tinubu on job creation and MSMEs, said government is also considering a programme to replicate the apprenticeship style of trade learning (common to the Igbos) across the country. The aim is to effectively encourage the transfer of business management for job and wealth creation.

Adekunle-Johnson said in line with the Renewed hope Agenda to eradicate poverty, the government is organizing an expanded MSME clinics in Abuja that would focus on providing a platform for MSMEs to exhibit businesses, gain access to on-site investments as well as develop the five core areas of MSME development which are; funding, skill development, infrastructure, access to markets and technology.

“The FCT expanded MSME clinics will serve as a bridge between the federal government, state governments, and small businesses in each state. It aims to do this by bringing all relevant regulatory agencies whose work impacts the business experience of small businesses together in one place to consult and solve problems over a one to two-day period,” Adekunle-Johnson said at a press conference yesterday.

Access to affordable credit remains a major challenge confronting MSMEs in Nigeria, despite numerous interventions that have been designed to address the issue.

The categories for award include best MSME of the year, best male and female MSME of the year, most creative MSME in agriculture, fashion & style.

The organisers said the conference is designed to facilitate discussion among relevant stakeholders on improving access to credit, as well as creating an enabling environment conducive to the growth and development of MSMEs in Africa.

Representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in the steering committee for the MSMEs Week said the agency will ignite all its state chapters to mobilise every small scale enterprises in their domain to participate in the event.

Also, the director, SME desk at Standard Organisation of Nigeria, Phebean Arumemi said the national competition is a platform for Nigerian SMEs to showcase investment opportunities in their businesses. She said it will enable the SMEs to take advantage of the Africa Intercontinental Free Trade Area (AfCFTA).

The MSME award is an annual activity that is tailored to honor outstanding indigenous MSMEs. “This event serves as an official close to the National MSME Week, recognizing the efforts and innovation of MSMEs in Nigeria as well as efforts of the state governments in contributing to the growth of MSMEs in Nigeria,” he said. So far, there have been five award ceremonies with over 40 verifiable winners.