…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.
