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…Disburses over N600bn through BoI to support business
By Yinka Kolawole
The Federal Government has captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database as part of efforts to strengthen industrial development, improve policy planning and enhance Nigeria’s competitiveness in regional and global trade. This is even as over N600 billion has been disbursed through the Bank of Industry (BoI) to support businessesMinister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this at the 17th National Council on Industry, Trade and Investment held in Enugu, where she reaffirmed the Federal Government’s commitment to driving industrialisation, attracting investments and expanding non-oil exports under the Renewed Hope Agenda.
She said the MSME database would provide government with credible information to design targeted interventions, improve access to finance and support business growth, noting that the initiative forms part of broader efforts to build a more competitive and inclusive economy.
Available statistics estimate the number of MSMEs in Nigeria to be over 40 million, many of which operate in the informal sector, accounting for about 48% of the GDP and 86% of national employment. However, the sector faces an estimated N13 trillion credit gap, with businesses heavily impacted by inflation, poor electricity, and a high reliance on personal savings.
Highlighting recent achievements, Oduwole said Nigeria has facilitated more than $50 billion in Foreign Direct Investment (FDI) commitments, recorded $6.1 billion in non-oil exports, and disbursed over N600 billion through the Bank of Industry (BoI) to support businesses across critical sectors.
She added that nearly 300,000 Nigerians have also benefited from government-backed skills development programmes aimed at improving workforce capacity and supporting industrial productivity.
According to the minister, the achievements demonstrate tangible progress towards the administration’s ambition of building a $1 trillion economy through increased production, investment, exports and job creation.
She said the ministry would continue to prioritise the development of industrial clusters, expansion of manufacturing capacity, investment facilitation, digital trade and the implementation of the National Single Window to ease the cost of doing business.
Oduwole also identified stronger intellectual property protection and deeper participation in the African Continental Free Trade Area (AfCFTA) as critical to improving Nigeria’s export competitiveness and positioning local businesses to take advantage of opportunities across Africa.
She urged agencies under the ministry to ensure that resolutions reached at the council meeting are backed by clear ownership, implementation timelines and measurable performance indicators to guarantee effective execution.
Also speaking, Minister of State for Industry, Sen. John Enoh, reaffirmed the government’s commitment to implementing the Nigeria Industrial Policy 2025, noting that the policy would focus on affordable industrial financing, value addition, manufacturing expansion and stronger public-private partnerships to drive sustainable industrial development.