Federal Government Launches N200 Billion Boost for MSMEs, Unveils Strategic Initiatives for Economic Growth

The Federal Government of Nigeria has unveiled a substantial allocation of N200 billion to bolster Micro, Small, and Medium Enterprises (MSMEs) as well as the manufacturing sectors, with the aim of fueling job creation and fostering economic growth.

This significant commitment was disclosed by Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, during a capacity-building event for MSMEs held in Lokoja, Kogi State.

The announcement goes hand in hand with the government’s initiation of the licensing of Business Development Service Providers (BDSPs), under a new certification and accreditation framework. This framework seeks to standardize the delivery of Business Development Services (BDS) across the nation, ensuring a more streamlined and effective approach.

The Lokoja workshop not only focused on capacity building but also provided a dynamic platform for networking, encouraging collaboration, and fostering idea-sharing among MSMEs. The commitment to strengthening the MSME sector is aligned with the Renewed Hope Agenda of President Bola Tinubu, recognizing the pivotal role these enterprises play in propelling economic growth.

The Governor of Kogi State, represented by the Managing Director/Chief Executive Officer of Kogi Enterprises Development Agency (KEDA), affirmed the state government’s dedication to implementing training initiatives across the state. The governor emphasized the positive impact such initiatives would have on SMEs and the overall economy.

Regarding the earmarked funds, the government plans to make them accessible to small business owners through a single-digit interest loan, with the aim of facilitating business expansion and wealth creation. The Permanent Secretary highlighted previous government interventions in the MSME sector, including the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund. These interventions are strategically designed to support MSME growth, drive industrialization, and propel economic advancement.