The federal government is set to launch a $10 billion global investment fund to accelerate the growth and development of Micro, Small, and Medium Enterprises (MSMEs) nationwide.
This announcement was made by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka Anite, during the 2024 National MSME conference in Abuja, themed “GROW Nigeria: Sustaining a Digital and Innovative Driven Economy.”
Dr. Anite explained that the global fund boosts innovation and provides equity financing for MSMEs. “In addition to policy and regulation, this administration is tackling one of the biggest challenges MSMEs face—access to finance. This is why we have also set aside a N200 billion Presidential Loans and Grant Scheme,” she said.
She emphasized that physical and digital infrastructure is key to a thriving economy. Expanding high-speed internet, 5G networks, and cloud technologies will empower MSMEs to engage in the global digital marketplace fully. To support this goal, her ministry has secured backing from the Joint WTO-World Bank Digital Trade for Africa (DTA) project, enhancing Nigeria’s digital connectivity and supporting the public and private sectors.
As part of the government’s efforts to improve the ease of business, the Corporate Affairs Commission (CAC) now offers 24-hour registration services for MSMEs. So far, over three million businesses have been registered in partnership with Moniepoint and other stakeholders.
Charles Odii, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlighted that access to finance isn’t the only challenge faced by MSMEs; many also lack mentors and opportunities for capacity development. In response, SMEDAN has initiated capacity-building programs in collaboration with GIZ and launched the “One Local Government, One Product” initiative. Through this program, interest-free loans are offered to MSMEs via cooperatives.
Odii also mentioned the GROW initiative, which aims to provide small businesses with access to finance. Partnerships have been formed with several institutions, including the Bank of Industry (BoI), which has committed N1 billion, and Sterling Bank, which has committed N5 billion. State governments, such as Enugu and Katsina, have also pledged N1 billion each.
President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Sen. George Akume, reaffirmed the government’s commitment to supporting MSMEs. He noted that efforts are being made to ensure better alignment among all Ministries, Departments, and Agencies (MDAs) and state governments to prioritize MSMEs as a key driver of Nigeria’s economic potential.
