The Federal Government has said it would soon launch a new initiative that will allow Small and Medium Enterprises (SMEs) in the country to easily access loans.
This was disclosed by the Minister of State for Industry, Trade, and Investment, Senator John Enoh, during the Renewed Hope Global Virtual Conference 2025 held on Sunday.
While acknowledging the difficulties small businesses encounter in meeting loan requirements, especially when dealing with commercial banks, the Minister said the initiative would be launched in partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to micro and small enterprises nationwide.
“In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” he said.
Role of BOI
The Minister reiterated the government’s commitment to easing financial access through the Bank of Industry (BOI), describing the institution as one of the country’s best-performing agencies.
“The BOI has been instrumental in supporting businesses, but I recognize the hurdles many small enterprises face in accessing loans.
“We are actively engaging with the BOI to streamline these processes and make funding more accessible,” Enoh stated.
He reaffirmed the government’s commitment to enhancing industrial expansion, improving access to funding, and driving digital innovation to strengthen Nigeria’s economic competitiveness.
Revitalizing export processing zones
While acknowledging that some targets in oil and gas processing zones have not been fully met, the minister assured that the government remains committed to ensuring these zones contribute significantly to Nigeria’s economic growth.
“Although we may not have achieved all our initial goals, this administration is focused on ensuring that our export processing zones operate efficiently and deliver value to the Nigerian economy,” Enoh said.
- To further accelerate industrial growth, the minister announced the creation of an Industrial Revolution Work Group.
- This task force will comprise key stakeholders, including government agencies, private sector representatives, and industry associations such as the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), and the Nigeria Association of Small and Medium Enterprises (NASME).
- Other participants include the Ministry of Power, Finance, and the Nigeria Customs Service. The group is tasked with addressing industrial challenges collectively and driving Nigeria’s industrial transformation.
“This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” Enoh noted.
More insights
The Minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, a $700 million program domiciled in the BOI. T
The initiative, backed by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution, aims to empower young innovators and creatives by providing access to funding and business expansion support.
“iDICE is a critical part of our strategy to foster innovation and entrepreneurship, positioning Nigeria as a global leader in the digital economy,” Enoh stated.
- Senator Enoh reiterated the Federal Government’s dedication to fostering innovation, entrepreneurship, and industrial growth.
- He expressed confidence that these efforts would enhance Nigeria’s economic competitiveness and create opportunities for sustainable development.
