The National Council on Micro, Small, and Medium Enterprises (MSMEs) has established a high-level committee to collaborate with the Central Bank of Nigeria (CBN) and other financial institutions to enhance funding access for small businesses. This committee was officially launched on Tuesday at the Presidential Villa in Abuja during the council’s inaugural meeting for 2025.
Senator John Enoh, the Minister of State for Industry, Trade, and Investment, chairs the committee. It also includes the Ministers of Science and Technology, Women Affairs, and State for Agriculture and Food Security, along with senior government officials and representatives from major financial and development institutions.
A key outcome of the meeting was the approval of a new financing program for MSMEs, called the Syndicated De-Risked Loans for Small Businesses. This initiative, developed in collaboration with state governments and financial institutions, aims to provide small businesses across the country with loans at single-digit interest rates.
Vice President Kashim Shettima, who led the meeting, reiterated the Federal Government’s dedication to supporting small businesses due to their critical role in job creation and economic development. He encouraged state governments to set up impartial structures to ensure the loan program’s sustainability beyond current administrations.
“Some of these initiatives are commendable and must outlast the current administrations in the states. Irrespective of political leanings, Nigerians should be the ultimate beneficiaries of these schemes,” Shettima stated.
The committee also includes the Senior Special Assistant to the President on MSMEs, Temitola Adekunle-Johnson, along with the leaders of key institutions such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), and Nigerian Export Promotion Council (NEPC). Representatives from the private sector are also involved in the initiative.
While presenting the loan program, Adekunle-Johnson described it as a game-changer aimed at making funding more accessible and affordable for small businesses. He emphasized President Bola Tinubu’s strong commitment to MSME development and highlighted the initiative’s potential to create jobs and stimulate economic growth.
Additionally, SMEDAN Director-General Charles Odii unveiled the agency’s GROW Nigeria Strategy, which resulted from a 2024 MSME conference. This strategy aims to provide Guidance, Resources, Opportunities, and Workforce support to around 40 million small businesses across eight priority sectors.
With the committee and financing initiative in place, the Federal Government intends to eliminate financial obstacles for MSMEs and foster a business-friendly environment that will bolster Nigeria’s economic development
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