The federal government, under the administration of President Bola Tinubu, has launched a N50 billion initiative to support small-scale businesses across Nigeria.
As part of this program, one million small businesses, referred to as “NANO businesses,” will each receive N50,000 to enhance their operations.
The initiative, facilitated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), aims to boost economic growth and improve national well-being by providing financial support and capacity-building opportunities.
Speaking during the flag-off ceremony for the Delta North zone, SMEDAN Director-General Charles Odii emphasized that the initiative targets businesses with at least three employees and a turnover of less than three million naira.
Odii highlighted the importance of addressing poverty through such grants, which are intended to help business owners unlock additional funding and build wealth, ultimately contributing to national economic stability.
Odii also urged state governments to collaborate with SMEDAN in empowering small businesses across the country. The beneficiaries were selected through a merit-based, technology-driven process, ensuring transparency and fairness.
Some recipients confirmed receiving the funds during the launch event, and future financial aid will be contingent on the effective use of the initial grants.
This initiative underscores the government’s commitment to supporting small businesses, which play a vital role in economic development and job creation across Nigeria.
