FG maps 500,000 MSMEs to drive industrial growth, competitiveness
Federal Government Supports MSMEs with N600 Billion Disbursement
By Yinka Kolawole
The Federal Government has established a national database that includes over 500,000 Micro, Small, and Medium Enterprises (MSMEs) as part of its initiative to enhance industrial development and improve Nigeria’s competitive standing in regional and global trade. More than N600 billion has been disbursed through the Bank of Industry (BoI) to support these businesses.
Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, announced these developments during the 17th National Council on Industry, Trade, and Investment held in Enugu. She emphasized the government’s commitment to fostering industrialization, attracting investment, and promoting non-oil exports under the Renewed Hope Agenda.
According to Oduwole, the newly established MSME database will provide reliable data to facilitate targeted interventions and improve access to financing for business growth. This initiative aims to cultivate a more competitive and inclusive economy.
Current estimates suggest that Nigeria is home to over 40 million MSMEs, many of which operate within the informal sector. These enterprises contribute approximately 48% of the nation’s GDP and account for 86% of employment; however, they are currently facing a credit gap estimated at N13 trillion, compounded by challenges such as inflation, inadequate electricity supply, and a heavy reliance on personal savings.
Oduwole noted that Nigeria has successfully attracted more than $50 billion in Foreign Direct Investment (FDI) commitments and recorded $6.1 billion in non-oil exports. The disbursement of over N600 billion through the BoI is part of ongoing efforts to support businesses in key sectors.
Nearly 300,000 Nigerians have benefitted from government-supported skills development programs aimed at enhancing workforce capacity and bolstering industrial productivity. These achievements highlight progress towards the administration’s goal of building a $1 trillion economy through increased production, investment, exports, and job creation.
To further drive growth, Oduwole stated that the ministry will focus on developing industrial clusters, expanding manufacturing capacity, facilitating investment, promoting digital trade, and implementing the National Single Window to reduce the cost of doing business in Nigeria.
She also underscored the importance of stronger intellectual property protections and enhanced participation in the African Continental Free Trade Area (AfCFTA) as essential for improving Nigeria’s export competitiveness and enabling local businesses to capitalize on opportunities across the continent.
In response, Minister of State for Industry Sen. John Enoh reaffirmed the government’s dedication to executing the Nigeria Industrial Policy 2025. He highlighted that the policy will prioritize affordable industrial financing, value addition, manufacturing expansion, and stronger public-private partnerships to achieve sustainable industrial development.
