By Nworisa Michael
The Federal Government has announced plans to disburse over N1 billion to Micro, Small and Medium Enterprises (MSMEs) under the 2026 National MSME Awards, as part of efforts to strengthen small businesses and stimulate economic growth.
The disclosure was made in Abuja by the Senior Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, who outlined key features of the initiative.
Application Opens April 7
Adekunle-Johnson revealed that the application portal will open on April 7 and close on May 7, urging MSMEs across the country to take advantage of the opportunity.
He explained that the 2026 edition, themed “Renewed Hope for MSMEs,” will focus largely on direct financial grants.
“This year, we are focusing more on funding, giving grants that can directly support and grow MSME businesses. We are going to be spending, with the support of our partners, up to about one billion naira for these awards,” he said.
Shift to Direct Funding
According to him, the initiative marks a departure from previous editions that emphasised material rewards such as cars, houses, and shops.
He noted that the new approach is aimed at delivering immediate financial support tailored to the needs of businesses. The government, in collaboration with partners, will also ensure that grants are distributed across multiple categories, extending benefits beyond only top winners.
Mentorship and Market Access
Beyond financial support, beneficiaries will receive mentorship programmes coordinated by relevant government agencies. This will be complemented by post-award support, including business advisory services and access to markets.
Outstanding MSMEs may also be supported to participate in international exhibitions, providing them with exposure and opportunities for expansion.
The awards will recognise innovation, creativity, job creation, and the use of technology in business operations.
Focus on Transparency
Adekunle-Johnson acknowledged challenges encountered in previous editions, particularly issues related to poor-quality applications, but assured that efforts are being made to improve participation and awareness.
He stressed that the selection process will remain transparent and merit-based.
The grand finale of the awards is scheduled for June 27, in commemoration of the World MSME Day.
Compliance Key to Selection
A representative of the National Agency for Food and Drug Administration and Control, Sarah Ajayi, disclosed that about 12 categories will be featured across key sectors of the economy.
She listed sectors including manufacturing, agriculture, textiles, creativity, innovation, and beauty and wellness.
Ajayi emphasised that compliance will play a critical role in the selection process, urging applicants to provide proper documentation such as regulatory approvals, tax records, and certifications. She also advised participants to submit quality video presentations showcasing their production processes and value addition.
Stakeholders Pledge Support
Other stakeholders at the briefing pledged their support for the initiative, assuring collaboration to ensure credible selection processes, regulatory compliance, and effective post-award mentorship.
Background
The National MSME Awards is an annual initiative of the Federal Government designed to promote entrepreneurship, innovation, and small business development across Nigeria.
MSMEs remain a vital component of the country’s economy, contributing significantly to employment and economic growth despite challenges such as limited access to finance, infrastructure deficits, and regulatory constraints.
The shift towards direct financial grants represents a major policy adjustment aimed at achieving more sustainable impact compared to previous reward-based models. Experts have noted that access to finance remains one of the biggest obstacles facing small businesses, and targeted funding could help enterprises scale operations, create jobs, and improve productivity.
In addition to funding, the integration of mentorship and market access support reflects a broader strategy for enterprise development. However, analysts maintain that the success of the programme will depend on transparency, effective monitoring, and the ability to reach genuinely deserving businesses.
If effectively implemented, the initiative is expected to strengthen the MSME sector and contribute meaningfully to economic growth and job creation in Nigeria.
