More Jobs, Investments: FG Disburses N600bn, Registers 500,000 MSMEs in National Database
- The FG has registered over 500,000 MSMEs in a national database to improve business support, policy planning and industrial development
- Minister Jumoke Oduwole said the government has secured over $50 billion in FDI commitments, recorded $6.1 billion in non-oil exports
- Despite MSMEs’ major contribution to Nigeria’s economy, the sector still faces an estimated N13 trillion financing gap
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Federal Government has registered more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database designed to improve industrial planning, strengthen policy decisions and expand support for businesses across Nigeria.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this at the 17th National Council on Industry, Trade and Investment held in Enugu.
Source: UGC
She said the initiative is part of the government’s broader plan under the Renewed Hope Agenda to accelerate industrialisation, attract investments and increase Nigeria’s non-oil exports.
Government targets better MSME support
According to Oduwole, the database will give the government access to more reliable information about businesses and their operations across the country.
She explained that the data would help authorities develop more targeted interventions, improve businesses’ access to funding and formulate policies that respond more effectively to the challenges facing MSMEs.
The minister said the initiative is also aimed at creating a more competitive and inclusive economy driven by accurate and accessible data.
Nigeria is estimated to have more than 40 million MSMEs, with a significant number operating informally. The sector contributes about 48 per cent to the country’s Gross Domestic Product (GDP) and provides roughly 86 per cent of national employment.
N13trn financing gap remains
Despite their major contribution to the economy, Nigerian MSMEs continue to face serious challenges, including an estimated N13 trillion financing gap.
Businesses also contend with high inflation, unreliable electricity and difficulties accessing affordable credit, limiting their ability to expand and create more jobs.
Oduwole highlighted some of the government’s recent efforts to support businesses, saying Nigeria has attracted more than $50 billion in Foreign Direct Investment (FDI) commitments.
She added that the country recorded $6.1 billion in non-oil exports, while more than N600 billion has been disbursed through the Bank of Industry (BOI) to businesses in strategic sectors.
Nearly 300,000 Nigerians receive skills support
The minister further disclosed that almost 300,000 Nigerians have benefited from government-backed skills development initiatives aimed at strengthening workforce capacity and improving productivity.
Source: Getty Images
She said the various interventions demonstrate progress toward the administration’s ambition of building a $1 trillion economy through higher production, increased investment, stronger exports and expanded employment opportunities.
Oduwole added that strengthening MSMEs remains crucial to achieving these objectives, given the sector’s significant role in employment creation, economic activity and industrial development.
Moniepoint disburses $700m loans to MSMEs
Meanwhile, Legit.ng earlier reported that Moniepoint disbursed more than $700 million in loans to Nigerian MSMEs, with 75% of beneficiaries receiving business credit for the first time.
The company said local businesses that received the loans recorded a 36% increase in transaction value.
Moniepoint processes over $250 billion in annual digital payments, and aims to help bridge Nigeria's $32.2 billion MSME financing gap.
Source: Legit.ng
