The Federal Government (FG) has taken decisive steps to accelerate the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The steps led to the establishing a committee to interface with the Central Bank of Nigeria (CBN) and improve access to financing for small businesses.
This was a key resolution from the first meeting of the National Council on MSMEs for 2025, held yesterday at the Presidential Villa, Abuja.
Vice President Kashim Shettima, who chaired the meeting, eemphasised he government’s commitment to supporting MSMEs, recognising their critical role in job creation and economic development.
He highlighted the administration’s responsibility, in collaboration with stakeholders, to implement policies that foster sustainable business growth.
The newly formed committee, led by the Minister of State for Industry, Trade, and Investment, John Enoh, comprises top government officials and financial institution leaders.
Members include the Ministers of Science and Technology, Women Affairs, and Agriculture, as well as representatives from the Bank of Industry (BOI), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), and the Corporate Affairs Commission (CAC), among others.
The committee is tasked with strengthening financial support structures for MSMEs and ensuring seamless access to funding through various government and private sector interventions.
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In addition, the council approved a new loan scheme known as the Syndicated De-Risked Loans for Small Businesses.
This initiative, a collaboration between state governments and financial institutions, is designed to provide MSMEs with single-digit interest rate loans, improving their financial sustainability and growth.
Shettima urged state governments to establish non-political entities to oversee the implementation of the scheme to ensure its long-term success.
“Some of these initiatives are laudable and will need to outlive the present administrations in the States. Regardless of political affiliations, Nigerians must be seen as the ultimate beneficiaries of these schemes that we are trying to put in place,” he stated.
During the meeting, the Senior Special Assistant to the President on MSMEs, Mr. Temitola Adekunle-Johnson, described the syndicated de-risked loans as a game-changer in ensuring affordable and accessible financing for businesses.
He emphasised President Bola Tinubu’s commitment to MSME development and job creation.
Additionally, the Director-General of SMEDAN, Charles Odii, presented the GROW Nigeria Strategy, a framework designed to provide guidance, resources, opportunities, and workforce development for the country’s estimated 40 million small businesses across eight distinct sectors.
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The meeting brought together key stakeholders, including the Deputy Governor of Enugu State, Ifeanyi Ossai; representatives of the Governors of Benue and Katsina States; and Ministers responsible for Industry, Science and Technology, Women Affairs, and Agriculture.
Also present were heads of financial institutions and regulatory bodies such as NAFDAC, Standards Organisation of Nigeria (SON), and the National Bureau of Statistics (NBS), along with representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the National Association of Small and Medium Enterprises (NASME).
