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Federal Government Directs N150,000 Grant to Each Micro, Small, and Medium-Sized Enterprise (MSME) Owner

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Federal Government Directs N150,000 Grant to Each Micro, Small, and Medium-Sized Enterprise (MSME) Owner

Vice President Kashim Shettima Reveals President Tinubu’s Directive on N150,000 Grant for MSMEs

Vice President Kashim Shettima announced yesterday that President Bola Ahmed Tinubu has mandated a federal grant of N150,000 for Micro, Small, and Medium Enterprises (MSMEs). This disclosure was made during the launch of the 3rd edition of the Expanded National MSMEs Clinic in Ado Ekiti, the capital of Ekiti State.

The Vice President clarified that the N150,000 is an outright grant with no repayment required. He stated,

“I am pleased to share that Mr. President has directed me to ensure that all outstanding exhibiting MSMEs at the Clinic today receive a grant of 150,000 Naira each. This is an outright grant, and the beneficiaries will not need to repay it. We extend our gratitude to our partners for their unwavering support.”

The Expanded National MSME Clinics aim to ease business operations in Nigeria through forums held across different cities, providing immediate solutions to challenges faced by MSMEs. The first two editions were launched in Benue and Ogun States earlier this year.

Upon arrival in Ado-Ekiti, Vice President Shettima, welcomed by Governor Biodun Oyebanji and other dignitaries, inaugurated the Ekiti State Ultra-Modern Fashion and Garment Hub at the Odua Textile Complex. He also inspected the Adire Ekiti Hub, a project by the Ekiti State First Lady.

At the Trade Fair Complex on Old Iyin Road, Shettima launched the third edition of the Expanded MSME Clinics and hinted at upcoming editions in Borno and Enugu States, culminating in the National MSME Awards in the FCT on June 27, 2024, in honor of the United Nations World MSME Day.

Shettima emphasized the Tinubu administration’s commitment to expanding the labor market and supporting small businesses, which he described as essential to community stability and economic transition. “Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition,” he said.

Regarding the Ultra-Modern MSME Fashion Hub, Shettima highlighted its potential to create 48,000 jobs annually and its capacity to produce a wide range of fashion items, including military uniforms. He noted,

“It boasts the capacity to produce a wide range of fashion gear, including military uniforms, and rivals any facility in the world. Equipped with modern-day machinery and technology, this hub holds immense potential for job creation, with projections estimating an average of 48,000 jobs annually.”

Shettima expressed regret that time constraints prevented the inauguration of the fully equipped ICT hub in Erinmope, about two hours from the state capital. However, President Tinubu approved that Governor Oyebanji and other officials facilitate the commissioning at the earliest convenience, with the hub expected to create 10,000 jobs in the ICT sector. Additionally, Tinubu approved the establishment of another ICT facility in Ado Ekiti, slated for completion within 90 days.

The Vice President conveyed President Tinubu’s gratitude to the government and people of Ekiti State for hosting the 3rd expanded National MSME Clinic, describing it as a revitalization of the MSME sub-sector. Governor Oyebanji thanked the Vice President for his support and called for unity among the political class in Ekiti to attract further benefits for the state.

Senate Leader Opeyemi Bamidele praised the collaboration between federal and state governments and announced plans to allocate constituency project funds to MSME development. Minister of Solid Minerals, Mr. Dele Alake, assured Ekiti residents of the federal government’s commitment to their welfare during economic restructuring.

State Commissioner for Investment, Trade, Industry, and Cooperatives, Hon Omotayo Adeola, thanked the federal government for supporting small businesses, leading to the establishment of the first garment hub in the state.

During his visit to the Palace of the Ewi of Ado-Ekiti, HRM Oba Rufus Adeyemo Adejugbe, Shettima commended the region for its honor and integrity and the royal father for maintaining peace and supporting President Tinubu’s administration.

The Ewi of Ado-Ekiti thanked President Tinubu for his commitment to Ekiti State, highlighted by the launch of the Expanded National MSME Clinics and the commissioning of the fashion and garment hub.

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Federal Government Initiative: Empowering 5000 NYSC Entrepreneurs with N10 Million Each

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FG to empower 5000 entrepreneurial NYSC members with N10 million each

The Federal Government has unveiled a groundbreaking initiative to support a minimum of 5,000 National Youth Service Corps (NYSC) members with N10 million each to kickstart their entrepreneurial endeavors post-NYSC service.

Dr. Jamila Ibrahim, the Minister of Youth Development, revealed this empowering initiative during the inaugural meeting of the NYSC management with heads of Corps Producing Institutions (CPI) in Nigeria, held in Abuja on Monday.

Dr. Jamila Ibrahim, the Minister of Youth Development, emphasized that this funding initiative aligns with the upcoming NYSC reforms and is distinct from the Nigerian Youth Investment Fund program scheduled for 2024.

During her speech, the Minister revealed plans to inaugurate a team tasked with reviewing, restructuring, and reforming the NYSC. She highlighted that the core focus of these reforms will be instilling an entrepreneurship mindset and making skills development the primary objective of the program.

“Though that is already part of the objectives carried out by the scheme, the aim is to partner with it to strengthen the mandate,” she stated.

The Minister expressed her vision for the NYSC program to become not only self-sustaining but also revenue-generating within the next five years. To achieve this, she announced plans to institutionalize the NYSC ventures as an investment and asset management outfit.

“So, we envision a future where the NYSC programme is not only self-sustaining, but also a revenue generating programme within the next five years,” she said.

The minister explained that this initiative would allow the Federal Government to effectively utilize and manage the extensive assets of the NYSC, making strategic investments across various sectors. She highlighted the targeted sectors for these investments as agriculture, manufacturing, garment making, communication, and digital banking.

Dr. Jamila Ibrahim emphasized that this funding initiative reflects the current administration’s unwavering commitment to investing in youth-led entrepreneurial ventures. She positioned it as a crucial step towards actively involving young people in Nigeria’s progress towards becoming a trillion-dollar economy.

“The National Youth Skills programme will play a pivotal role in these reforms. While typically a 12-month programme this year, we’ll start a six months abridged version,” she announced.

The Minister expressed her expectation that the ventures funded through this program will emerge from various strategic sectors, driving innovation and economic growth.

“We expect the ventures funded to emerge from this programme in various strategic sectors driving innovation and economic growth,” she added.

Ibrahim urged the participants, who are the custodians of higher education in Nigeria, to embrace the profound responsibility of nurturing the intellectual, moral, and civic capacity of the nation’s youth. She emphasized the importance of their role in shaping the future leaders and entrepreneurs who will contribute to Nigeria’s economic transformation.

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National Youth Investment Fund (NYIF): FG Commits N110bn to Empower Young Nigerians

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National Youth Investment Fund (NYIF)

About National Youth Investment Fund (NYIF)

The National Youth Investment Fund (NYIF) is not a form of grant or donation. Instead, it represents a financial responsibility that must be repaid with interest at a rate determined by the Central Bank of Nigeria. Over the period spanning 2020 to 2023, the NYIF aims to interact with 500,000 young individuals each year, fostering financial inclusion and economic empowerment among Nigeria’s youth.

The Federal Government of Nigeria has pledged N110 billion to empower Nigerian youths through the National Youth Investment Fund (NYIF). This substantial investment marks a significant stride towards fostering youth entrepreneurship and innovation across the nation.

Dr. Bio-Ibrahim underscored that the NYIF transcends mere financial assistance; it serves as a dynamic catalyst bridging the divide between youthful aspirations and tangible opportunities. This fund is strategically positioned to reshape Nigeria’s economic terrain by directly investing in the boundless potential of its youth.

The Federal Executive Council (FEC) has approved a comprehensive package of measures to complement the financial injection. Key components include:

  • Embedding Skills and Entrepreneurship Development: Directly integrating skills and entrepreneurship development into the NYIF program to equip young Nigerians with the tools they need to succeed.
  • Interim Coordinating Unit: Establishing a temporary coordinating unit to oversee projects until the permanent National Youth Fund is established through legislative processes.
  • NEXTGEN Bank Investment: Allocating N5 billion to the forthcoming National Youth Development Bank, a groundbreaking initiative designed to provide tailored financial solutions for young entrepreneurs and youth-led businesses.

National Youth Development Bank (NEXTGEN Bank)

The NEXTGEN Bank represents a collaborative effort between the Ministry of Youth Development, the Bank of Industry, and private sector partners. This innovative initiative is dedicated to providing financial solutions specifically designed to meet the unique needs of young entrepreneurs and youth-led businesses, empowering them to thrive and contribute to Nigeria’s economic growth.

With an initial capital injection of N10 billion, the NEXTGEN Bank will offer a comprehensive suite of support beyond just loans and equity. Young entrepreneurs and youth-led businesses will have access to a range of crucial support services, including:

  • Tailored Development Programs
  • Expert Guidance and Mentorship
  • Connections to a Vast Network of Resources

The Bank of Industry will contribute N2.5 billion towards the NEXTGEN Bank, while private sector partners will match this investment with an additional N2.5 billion. Notably, the bank will be managed by the private sector, ensuring efficient and effective operations that cater to the unique needs of young business owners.

Investing in Youth Development Centers Nationwide

The government has made a firm commitment to revitalizing youth development centers across Nigeria. These centers will be reimagined as dynamic hubs offering a diverse range of programs and services, including:

  • Technical Skills Training
  • Digital Skills Development
  • Creative Skills Workshops
  • Social Engagement Initiatives
  • Political Engagement Opportunities
  • Cultural Enrichment Activities
  • Mental Health Support Services
  • Substance Abuse Prevention Programs

By transforming these centers into vibrant spaces for holistic youth development, the government aims to provide young Nigerians with the tools, resources, and support they need to thrive and contribute positively to society.

Working Together for Youth Empowerment

The successful implementation of these initiatives requires a collaborative effort involving the government, private sector, civil society organizations, and young people themselves. By working together, we can create an enabling environment that nurtures the talents and aspirations of Nigeria’s youth, ultimately driving sustainable economic and social progress for the nation.

Dr. Bio-Ibrahim emphasized that these groundbreaking initiatives represent just the first step in the government’s comprehensive strategy to address the multifaceted challenges faced by Nigerian youth. The Minister underscored the government’s unwavering commitment to empowering young people and creating an environment conducive to their growth and success.

The Minister’s remarks serve as a clarion call for unity and collective action in support of youth empowerment. With the government leading the charge through the NYIF, NEXTGEN Bank, and revitalized youth development centers, the stage is set for a transformative era of youth-led development in Nigeria. As stakeholders from all sectors unite behind this common cause, the future looks brighter than ever for the young people who hold the key to Nigeria’s prosperity.

The Ministry of Youth Development calls upon all stakeholders to collaborate closely in achieving the outcomes that Nigerian youth rightfully deserve. The allocation towards the National Youth Investment Fund and its associated programs marks a pivotal advancement in empowering the youth and cultivating a promising future for Nigeria.
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FG to Distribute 50 Laptops Monthly as 2nd Cohort of 3 Million Technical Training (3MTT) Commences Training- Empowerment Initiative

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3 Million Technical Training (3MTT)

The Federal Government has announced its commitment to distributing 50 laptops per month to participants in its 3 Million Technical Training (3MTT) initiative. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, revealed this during the launch of learning activities for the second cohort, comprising 270,000 fellows, on Thursday.

As per the Minister’s statement, the laptops will be distributed during the program’s monthly knowledge showcase, where participants share their acquired knowledge and its practical applications. Furthermore, as part of the ‘learning perks’ outlined by the Minister, the program will also provide 5 MTN routers to participants each month.

The Learning Phase Despite the launch of cohort 2 of the program in March, the Minister revealed that the learning phase is just beginning in mid-May. Tijani announced the commencement of this phase, expressing gratitude to all the fellows for their patience as the team ensured everything was set up for the start of their sessions. He emphasized the anticipation for what lies ahead in the 3MTT program as the fellows embark on their learning journey.

“For our upcoming 3rd and 4th cohorts, we encourage you to stay tuned for further updates regarding opportunities to actively participate in our Learning Community.”

Regarding job placements for fellows, the Minister revealed during the announcement of the second cohort’s selection that a considerable number of participants from the initial cohort are being placed in internships across the nation.

Moreover, he indicated that all participants from the initial phase have progressed to a stage where they will engage in hackathons within their respective states. This hands-on experience will allow them to apply their acquired knowledge, collaborate with fellow participants, and develop solutions that demonstrate their expertise.

Key Points to Note on the 3 Million Technical Training (3MTT)

Tijani highlighted that the 3MTT program is a pivotal component of the Renewed Hope agenda, aiming to bolster Nigeria’s technical talent pool to drive its digital economy and position the nation as a prominent exporter of talent. Initiated with 30,000 Nigerians, constituting 1% of the intended 3 million target, the program’s second cohort selection of 270,000 individuals brings the total to 10%.
In pursuit of the program’s objectives, Tijani outlined that various phases will be implemented according to a framework collaboratively developed with key stakeholders, including government agencies, training providers, educational institutions, development agencies, and the private sector.
Nigerians are undergoing training in a range of skills that leverage technology to augment diverse roles without necessitating direct involvement in tech creation. These encompass Digital Marketing, Project Management Software, Navigation of Cloud Platforms, Data Analysis and Visualization, Search Engine Optimization (SEO), CRM Management, Accounting Software, Graphics Design, UX/UI Design, and various others.
In conclusion, the 3MTT program stands as a beacon of opportunity for Nigerians, equipping them with a diverse array of skills vital for navigating the digital landscape of the 21st century. From Digital Marketing to UX/UI Design, participants are empowered to thrive in roles that harness technology without necessitating direct involvement in tech creation.
As the program progresses, it not only addresses the immediate demand for skilled professionals but also cultivates a talent pool poised to drive Nigeria’s digital economy forward. With a collaborative framework involving key stakeholders from government agencies to the private sector, the program is well-positioned to fulfill its mission of building Nigeria’s technical talent backbone and positioning the nation as a net talent exporter.
As participants embark on their learning journey and contribute to hackathons, they not only sharpen their skills but also forge connections and solutions that showcase their expertise. With continued dedication to skill development and adaptation to evolving industry needs, the 3MTT program holds the promise of a brighter, more technologically proficient future for Nigeria and its people.
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