The Federal Government has officially launched the distribution of a N50 billion grant aimed at supporting small businesses across Nigeria. The announcement was made by the Director General of the Small and Medium Enterprises Development Agency (SMEDAN), Mr. Charles Odii, on Thursday in Asaba, Delta State capital.
Odii addressed small business operators from the nine local governments in Delta North Senatorial District, emphasizing that the grants are intended to support one million beneficiaries who have completed the online registration process. He revealed that he has already visited 14 states to meet with beneficiaries and plans to cover the remaining 22 states and the Federal Capital Territory (FCT) by the end of the year.
During his address, Odii underscored that the grants are apolitical and should not be associated with any political party. He expressed concern over reports suggesting a biased distribution of the grants in Delta State, noting that such actions undermine the initiative’s objective.
“We are here in Asaba to engage with small business owners, primarily youths, who have been selected to receive N50,000 each in grant funding. This initiative includes a training program designed to support their business growth,” Odii explained. “It has come to our attention that in Delta State, there are allegations that benefits are being directed predominantly towards members of a particular political party. This is unacceptable. Poverty is a universal issue that does not discriminate based on political affiliation, gender, or age. A hungry person can become angry, and that anger can lead to violence.”
Odii emphasized that the grant program is part of a broader strategy to enhance the capacity of young entrepreneurs. He described the grants as a short-term solution while advocating for long-term support through capacity building.
“One of our goals is to improve the capacity of our young people. By supporting small businesses, we indirectly support families and communities. When you support a small business owner, you are helping to sustain at least 10 people,” he added.
He called for collaboration between government entities to maximize the impact of the initiative. Odii also urged state governments to partner with SMEDAN to strengthen the capacity of small business owners, particularly those employing fewer than three staff members and generating an annual turnover of less than N3 million.
In the long term, beneficiaries will be introduced to banking institutions to access credit facilities. Odii emphasized that building capacity is crucial for unlocking financial opportunities. “Our aim is to build the capacity of small businesses so they can access credit and achieve growth,” he concluded.
The grant initiative represents a significant investment in the country’s small business sector, reflecting the government’s commitment to supporting economic development and addressing poverty through entrepreneurship.
