N700 Million Worth of Prizes For Grabs as FG Announces 7th Edition of MSME Award

• The Nigerian government has announced the unveiling of the 7th edition of the Micro, Small, and Medium Enterprises (MSME) award
• The award, which will be held on April 7, 2025, will see the overall winner get N220 million worth of prizes, including a house, a shop and a car
• The senior special assistant to the President on job creation, Tola Adekunle-Johnson, disclosed that the application portal will open on March 7, 2025

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

On Monday, March 3, the Federal Government of Nigeria announced the launch of the seventh edition of the Micro, Small and Medium Enterprises (MSMEs) Award slated to hold this year.

Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs said the application portal for this year’s would be opened on March 7 and will run through April 7, 2025.

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FG unveils N700 million worth prizes

Speaking at a press briefing Adekunle-Johnson said out of N700 million worth of prizes to be won, the overall winner of the 2025 MSMEs Award will receive a car, a house, a shop, and a cash prize – all worth N220 million.Other winners – the second and third runner ups – would receive prize worth at least N50 million as the case may be.

Also announcing a new twist to the annual award, Adekunle-Johnson said a new category has been created for People With Disabilities (PWDs). According to him, the PWDs are also not limited to this category but encouraged to apply to other categories they also deem fit.

Calling on prospective MSMEs to seize the opportunity and apply, Adekunle-Johnson said applicants are expected to upload a two-minute video online via the MSMEs Award portal within the stated timeframe.

He said:

“This year, we are going to have MSMEs winning stores, shops, cars, and money. This is the first year where the overall winner will go home with a house, shop, car, and cash prize.

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“The screening committee present here feels that we should brief the media and also sensitise MSMEs on what to expect.

“Another unique aspect of this year’s MSMEs Awards is that we have considered businesses run by people living with disabilities.

“We have created a category for them because, as the saying goes, ‘there is ability in disability.’ So, this year will mark the inaugural category for people living with disabilities,” Adekunle-Johnson said.

Giving more details about the award and the application process, the secretary of the committee, Ifeanyi Okeke, Director-General of the Standards Organisation of Nigeria (SON), said applicants are expected to adhere to every requirement.

FG opens portal for application

Okeke represented by Phebean Arumemi, the Deputy Director and Head of the SMEs Desk at SON said,

“We require regulatory compliance to every process – this involves how you’ve been diligent with tax payment.

"Let us know what impact you are making with your business, in job creation, to local content utilisation and even the uniqueness of the business... show us your facility in your video.

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“The screening process itself is very diligent and transparent,” she said.

Also speaking, the General Manager of Strategy and Corporate Communications at the Nigerian Export-Import Bank (NEXIM), Tayo Omidiji, said the MSMEs Award was initiated to promote entrepreneurship in the country.

He emphasied that MSMEs account for about 50 percent of Nigeria’s Gross Domestic Product (GDP), and through this initiative, their contribution can be further increased and improved on.

FG speaks on empowering MSMEs after announcing grant

Legit.ng earlier reported that Vice President Kashim Shettima has acknowledged that over 80% of Nigerians in the labour force would not be employed if it weren't for the country's Micro, Small, and Medium-Sized Enterprises (MSMEs).

Shettima made this revelation in Abuja during the World Day celebration and international dialogue.

The vice president, accompanied by President Ibrahim Hassan Hedejia's deputy chief of staff, stated that MSMEs, which comprise 96% of Nigeria's business, contribute 46% of the country's GDP.

Source: Legit.ng