President Bola Ahmed Tinubu has said his administration is expanding shared Micro, Small and Medium Enterprises (MSME) hubs to help entrepreneurs access modern production equipment and facilities without bearing the full cost of establishing them.
Tinubu, in a statement, said small business owners such as tailors and food processors should not be required to invest millions of naira in industrial machinery or build factories before they can expand their businesses.
According to the President, the shared MSME hubs provide entrepreneurs with access to modern equipment, reliable power supply and production facilities, thereby helping to reduce the cost of doing business.
He disclosed that 21 shared facilities have so far been established across 19 states and the Federal Capital Territory (FCT), with the initiative supporting businesses and an estimated 650,000 jobs.
“ Our people have the ideas, skills and determination to build successful businesses. Our responsibility as a government is to ensure that we remove the barriers in their way, lower the cost of doing business and give Nigerian enterprise every opportunity to grow and create jobs,” Tinubu said.
The President said the expansion of shared MSME hubs is part of his administration’s Renewed Hope agenda for small businesses, aimed at creating an enabling environment for entrepreneurs to increase production and contribute to job creation.
He added that providing shared infrastructure would allow businesses to access essential production resources without having to shoulder the full cost individually.
