Shettima Reveals Small Businesses Employ 60 Million Nigerians, Shifting From Welfare Handouts to Direct Cash Boosts at 2026 National Awards

The federal government has categorized small businesses as the absolute lifeblood of the nation’s survival, with Vice President Kashim Shettima revealing that the sector accounts for 90 percent of all Nigerian enterprises and provides livelihoods for over 60 million citizens.

The massive economic data drop occurred in Abuja on Saturday, June 27, 2026, during the 8th National MSME Awards. Delivered on behalf of the Vice President by the Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, the address signaled a clean break from old-school economic welfare, outlining a deliberate transition toward a highly structured, enterprise-driven national economy.

This year’s event, dubbed the “Renewed Hope Edition,” introduced a major structural change in how the state rewards local innovation. Rather than presenting outstanding business owners with traditional gifts like branded vehicles or physical shops, the administration shifted entirely to handing out substantial liquid capital. The policy adjustment ensures that winning entrepreneurs walk away with immediate cash injections that can be directly reinvested into buying raw materials, upgrading tools, and hiring more staff.

The Presidency used the national platform to dismantle the idea that small businesses should rely on temporary survival handouts, insisting that the administration is focusing its resources on building a sustainable ecosystem where creative ideas can realistically scale into major conglomerates.

“90 percent of all Nigerian businesses are MSMEs. They are the largest employers of labor in this country, providing jobs for over 60 million of our people,” Vice President Shettima stated in the national brief. “Through bold and innovative ideas, and through sweat and courage, our MSMEs are improving the livelihoods of Nigerians and transforming our communities through the prosperity they create. Our core vision is to decentralize economic opportunities so that prosperity is shared equitably among all citizens. The federal government, along with state partners, will continue to build an enterprise-led nation.”

To back the macro figures with hard evidence, the administration published a detailed financial scorecard showcasing its aggressive intervention funds. Through targeted credit channels, the Development Bank of Nigeria (DBN) has successfully pushed ₦874 billion directly into the hands of roughly 751,000 women and youth-led enterprises. Concurrently, the Nigerian Export-Import (NEXIM) Bank has deployed ₦394.88 billion to help export-ready local businesses break into regional and international markets.

Beyond direct cash financing, the government’s strategy relies heavily on shared industrial infrastructure to lower the high cost of doing business. The state has now institutionalized 21 specialized hubs across the six geopolitical zones. These facilities function as communal production spaces, giving fashion designers, tech innovators, and agro-processors instant access to industrial grade machinery and high-speed digital networks without the burden of heavy starting capital.

The 2026 awards also earned widespread praise for prioritizing social inclusivity, featuring unique categories that specifically recognized and rewarded highly creative business owners living with disabilities.

To ensure that upcoming entrepreneurs can easily navigate these sprawling public resources, the event concluded with the formal unveiling of a comprehensive new compendium titled, Building Nigeria, Empowering MSMEs. As small businesses across the country continue to grapple with shifting operational realities, the federal government’s massive capital push serves as a clear statement that the path to stabilizing Nigeria’s economy runs directly through the survival of the neighborhood shop, the digital startup, and the local manufacturer.