On December 1, 2023, the Federal Government of Nigeria inaugurated the National Council on Micro, Small, and Medium Enterprises (MSMEs) to strengthen small businesses nationwide. The council, led by state governors, was inaugurated by Vice President Kashim Shettima Mustapha GCON.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will act as the secretariat for the council, providing support to small businesses. In response to the loss of three million small businesses due to factors such as insecurity and lack of access to finance, SMEDAN has announced a 5 billion Naira no-collateral loan for small businesses in partnership with Sterling Bank and a 30 billion Naira fund for youth and women from Access Bank.

This initiative highlights President Bola Tinubu’s commitment to creating an environment that is conducive for small businesses. Dele Kelvin Oye, Esq., the National President of the Nigerian Association of Chambers of Commerce (NACCIMA), praised the Vice-President for his unwavering commitment to the development of MSMEs.