The Nigerian federal government has announced plans to roll out a $10 billion global investment fund aimed at accelerating the growth and development of Micro, Small, and Medium Enterprises (MSMEs) across the country. This initiative, designed to drive innovation and capital funding for businesses, was disclosed by Dr. Doris Uzoka Anite, Minister of Industry, Trade, and Investment, during the 2024 National MSME Conference in Abuja.
“As part of efforts to drive MSME growth, we are launching a $10 billion global investment fund, providing equity funding that will stimulate innovation and support capital needs,” the minister said.
In addition to this, the government has allocated a N200 billion Presidential Loans and Grant Scheme to address the financial challenges faced by MSMEs. Dr. Anite highlighted the critical role of infrastructure, both physical and digital, in promoting economic growth, stating that expanding high-speed internet, 5G networks, and cloud technology adoption will enable MSMEs to compete effectively in the global digital economy.
To support this, Nigeria has secured backing from the WTO-World Bank Digital Trade for Africa (DTA) project. This collaboration will enhance digital connectivity infrastructure, facilitate digitalization in public and private sectors, and develop policies to boost Nigeria’s integration into the digital world.
In her remarks, Dr. Anite noted that efforts to improve the ease of doing business have led to the Corporate Affairs Commission (CAC) offering 24-hour registration services for MSMEs. Over three million businesses have already been registered through partnerships with platforms such as Moniepoint.
Charles Odii, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), also emphasized the need for mentorship and capacity development alongside financial support. He revealed partnerships with GIZ for rapid capacity building and the “One Local Government, One Product” initiative, which provides interest-free loans to MSMEs through cooperatives.
Additionally, the GROW (Guidance Resources Opportunities Workforce support) initiative has helped small businesses secure financing, with partnerships including N1 billion from the Bank of Industry (BoI), N5 billion from Sterling Bank, and support from the governments of Enugu and Katsina states.
President Bola Ahmed Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, underscored the government’s commitment to aligning efforts across ministries, departments, and agencies (MDAs) to prioritize MSMEs as the key to unlocking Nigeria’s economic potential.
