Over 115,000 small businesses benefit from government funding
The Federal Government has ramped up support for Micro, Small, and Medium Enterprises (MSMEs), with over 115,000 businesses receiving grants, loans, and trade finance. Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted a surge in capital importation and export growth. The ministry plans to launch a National MSME Census to improve data and targeting. Mr John Enoh, Minister of State for Industry, emphasized the importance of reliable data and coordinated policy execution.
TLDR
- Over 115,000 MSMEs accessed grants, loans, and trade finance through government initiatives.
- The Federal Government disbursed $200m to MSMEs and exporters through the Bank of Industry and the Nigerian Export-Import Bank in 2025.
- The ministry plans a National MSME Census in 2026 to strengthen its database and improve incentive targeting.
- Total capital importation reached about $21bn in the first ten months of 2025, up from $12.3bn in 2024 and $3.9bn in 2023.
- Non-oil exports exceeded $6bn, with freight costs dropping by about 50% and export processing times reduced to under 24 hours.
