President Tinubu: 21 MSME hubs support 650,000 jobs — Premium Times Nigeria

Nigerian President Bola Tinubu said that 21 shared production centres for micro, small and medium-sized enterprises in 19 states and the Federal Capital Territory support business operations and, according to government estimates, around 650,000 jobs. This was reported by Premium Times Nigeria.

Shared equipment for entrepreneurs

The centres were established under the federal National MSME Clinics initiative. They provide entrepreneurs with shared access to equipment, electricity and production infrastructure without the need to independently pay for the full establishment of such facilities.

According to Tinubu, many small businesses have the skills and ideas to grow but cannot expand production because of a lack of equipment and infrastructure. As examples of businesses that can benefit from this model, he named tailors and food processors. The president noted that access to shared production sites can help companies increase output and reduce operating costs.

More current news is available on the UA.News Telegram channel Telegram.

Business support programmes

Nigeria's federal government is also expanding programmes to improve small businesses' access to financing, equipment, skills and markets. The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, previously named access to finance, infrastructure and markets among the main challenges for such businesses.

Other government measures include the National Credit Guarantee Company, which provides guarantees to encourage financial institutions to lend to businesses and other eligible borrowers. Tinubu said that the government seeks to remove obstacles that prevent entrepreneurs from turning their skills and ideas into sustainable businesses.