The Federal Government has announced plans to introduce a new initiative aimed at making it easier for Small and Medium Enterprises (SMEs) across the country to access loans. This move is part of a broader effort to boost entrepreneurship, strengthen industrial growth, and enhance Nigeria’s economic competitiveness.
To streamline loan access, the Federal Government will collaborate with First City Monument Bank (FCMB) to ensure micro and small enterprises can secure funding more easily. According to Enoh, the initiative will be launched in the coming weeks and is expected to provide financial relief to thousands of small business owners nationwide.
“In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” the minister said.
This initiative aligns with the government’s broader economic policies aimed at fostering sustainable development and reducing the barriers that have historically hindered SME growth.
Reaffirming the government’s dedication to enhancing financial access for businesses, Enoh highlighted the Bank of Industry (BOI) as a crucial institution in this initiative. He described BOI as one of the country’s most effective agencies but acknowledged that many SMEs still struggle to navigate its loan processes.
“The BOI has been instrumental in supporting businesses, but I recognize the hurdles many small enterprises face in accessing loans,” Enoh stated.
To address these concerns, the government is actively working with BOI to simplify loan requirements and speed up the disbursement process. This effort aims to ensure that SMEs, which form the backbone of the Nigerian economy, receive the financial support needed to thrive.
Beyond direct financial support, the minister emphasized the government’s broader strategy to stimulate industrial expansion, facilitate access to capital, and drive digital transformation in key sectors.
Recognizing the critical role of industrial zones in Nigeria’s economic advancement, Enoh acknowledged that some targets within oil and gas processing zones had yet to be fully realized. However, he assured that the government remains committed to ensuring these zones significantly contribute to national 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,” he said.
The group will include representatives from:
– The Manufacturers Association of Nigeria (MAN)
– The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA)
– The Nigeria Association of Small and Medium Enterprises (NASME)
– The Ministry of Power
– The Ministry of Finance
– The Nigeria Customs Service
According to the minister, the work group is currently being refined and will play a crucial role in advancing Nigeria’s industrial sector once fully operational.
“This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” Enoh stated.
Beyond industrial expansion, the Federal Government is also prioritizing investments in technology and the creative economy. Enoh highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, a $700 million program housed under BOI.
The initiative, supported by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution, aims to empower young entrepreneurs and innovators by providing access to funding and resources for business expansion.
More updates on this coming soon.