The federal government, led by President Bola Tinubu, has introduced a N50 billion program designed to support small businesses across Nigeria.
Under this initiative, one million small-scale enterprises, known as “NANO businesses,” will each receive N50,000 to help strengthen their operations.
The program, managed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), aims to stimulate economic growth and enhance national well-being by offering financial aid and skill-building opportunities.
During the launch of the Delta North zone, SMEDAN Director-General Charles Odii explained that the initiative focuses on businesses with a workforce of at least three people and an annual turnover below three million naira.
Odii stressed the importance of reducing poverty through these grants, which are intended to enable business owners to secure further funding and accumulate wealth, thereby contributing to the nation’s economic stability.
He also called on state governments to work alongside SMEDAN to empower small businesses nationwide. Beneficiaries were selected through a transparent, merit-based, technology-driven process.
Several recipients confirmed receiving their funds at the event, and future financial support will depend on how effectively the initial grants are utilized.
This initiative highlights the government’s ongoing efforts to back small businesses, recognizing their crucial role in driving economic growth and creating jobs across the country.
