The National Council on Micro, Small, and Medium Enterprises (MSMEs) has set up a high-level committee to work with the Central Bank of Nigeria (CBN) and other financial institutions to improve access to funding for small businesses. The committee was inaugurated on Tuesday at the Presidential Villa in Abuja during the council’s first meeting for 2025.
Chaired by the Minister of State for Industry, Trade, and Investment, Senator John Enoh, the committee includes the Ministers of Science and Technology, Women Affairs, and State for Agriculture and Food Security. It also features top government officials and representatives from key financial and development institutions.
A major highlight of the meeting was the approval of a new financing initiative for MSMEs, known as the Syndicated De-Risked Loans for Small Businesses. This scheme, a collaboration between state governments and financial institutions, aims to provide businesses with single-digit interest rate loans nationwide.
Vice President Kashim Shettima, who presided over the meeting, reaffirmed the Federal Government’s commitment to supporting small businesses, which play a crucial role in job creation and economic growth. He urged state governments to establish non-partisan structures to ensure the long-term success of the syndicated loan scheme, emphasizing that its benefits should extend beyond the tenure of current administrations.
“Some of these initiatives are laudable and will need to outlive the present administrations in the states. Regardless of political affiliations, Nigerians must be seen to be the ultimate beneficiaries of these schemes that we are trying to put in place,” Shettima said.
The committee also includes the Senior Special Assistant to the President on MSMEs, Temitola Adekunle-Johnson, as well as the heads of key agencies 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 Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), and Nigerian Export Promotion Council (NEPC). Representatives from the organized private sector are also part of the initiative.
Presenting the new loan scheme, Adekunle-Johnson described it as a transformative effort designed to make financing more affordable and accessible for small businesses. He also highlighted President Bola Tinubu’s strong focus on MSME development and the initiative’s potential to generate jobs and drive economic expansion.
Additionally, SMEDAN’s Director-General, Charles Odii, introduced the agency’s GROW Nigeria Strategy, which emerged from a three-day MSME conference in 2024. The strategy focuses on providing Guidance, Resources, Opportunities, and Workforce support to approximately 40 million small businesses across eight key sectors.
With the new committee and loan scheme in place, the Federal Government aims to remove financial barriers for MSMEs and create an environment where small businesses can thrive, ultimately strengthening Nigeria’s economic landscape.
