Federal Government Unveils Grant Scheme to Boost Employment and Business Expansion.
In a strategic move aimed at fostering economic growth and job creation, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a conditional grant scheme to support small businesses in the country.
The grant scheme, officially launched during the inauguration of SMEDAN’s headquarters in Abuja on December 20, 2023, seeks to empower small and medium-sized enterprises (SMEs) by providing grants with the condition that recipients hire at least one person.
Creating Opportunities for Business Owners:
Every business owner in Nigeria now has an opportunity to receive financial support for business expansion through the grant scheme. The Federal Government, through SMEDAN, hopes to stimulate economic growth and address the challenge of unemployment in the country.
How the Grant Scheme Works:
SMEDAN outlines that the initiative is designed to enhance SMEs’ access to finance while simultaneously tackling unemployment issues. Recipients of the grant are required to employ at least one individual, contributing to both business growth and job creation.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, who attended the inauguration event, commended the conditional grant scheme as a strategic intervention. She emphasized that the scheme aims to provide financial support to deserving nano and micro-enterprises, ensuring they have the necessary resources to scale and contribute meaningfully to the nation’s economic prosperity.
SMEDAN’s Innovative Headquarters:
In addition to the grant scheme, SMEDAN revealed that its new headquarters houses innovative work hubs and common facility centers equipped with cutting-edge technological tools, industrial sewing machines, and woodwork machinery. This infrastructure is geared towards providing a conducive environment for businesses to thrive.
How to apply for SMEDAN business expansion grant
For Nigerian business owners interested in learning more about the grant scheme, the agency has provided a link for further information.
For interested Nigerians who want to learning more about the scheme, click here. To apply for business loans, click here.
This initiative aligns with the government’s broader efforts to support small businesses, as previously reported with the opening of an application portal for the presidential conditional grant for nano businesses.
This program aims to offer a grant of N50,000 per beneficiary to support one million small businesses across the country.
Conditional grant for SMEs in Nigeria
Presidential conditional grant for nano businesses application portal
As Nigeria seeks to boost economic empowerment, job creation, and industrial development, SMEDAN’s grant scheme stands out as a significant step towards realizing these goals.
