The Minister of State for Industry, Trade and Investment has described the Federal Government’s N200 billion intervention fund for Micro, Small and Medium Enterprises (MSMEs) as a financing pipeline aimed at transforming Nigeria’s economic future by supporting underserved businesses.
Speaking during a town hall meeting in Calabar, the minister said the fund had “democratised financing for overlooked businesses” and was not only designed to offer capital but also to build confidence, encourage entrepreneurship, and restore dignity in honest work. He urged MSMEs in Cross River State to take advantage of the opportunities made available under the presidential grant and loan scheme.
He noted that MSMEs are the “engine room of economic growth” and expressed concern that most are constrained by limited access to finance, high interest rates, and institutional exclusion. According to him, while Nigeria has long relied on oil, the future lies in empowering small and medium businesses to drive sustainable economic and industrial growth.
Reinforcing the federal government’s commitment, the Special Adviser to the President on Job Creation and MSMEs said the fund was part of broader post-subsidy removal palliatives. He explained that MSME operators can access up to N5 million at a concessional interest rate of nine percent.
Backing this, the Managing Director of the Bank of Industry described the scheme as an investment in Nigeria’s future, designed to foster inclusive growth and national development. He highlighted that MSMEs account for 96 percent of businesses in Nigeria, generate 84 percent of the country’s employment, and contribute nearly half of the GDP. So far, over N107 billion has been disbursed to approximately 900,000 MSMEs across all six geopolitical zones.
The Governor of Cross River State, represented at the meeting by the Commissioner for Wealth Creation, praised the initiative as a lifeline for small businesses. He revealed that 2,000 of the state’s 8,168 registered MSMEs have already benefited from the fund.
The town hall reinforced the central role of MSMEs in Nigeria’s economic strategy, with the intervention fund seen as a tool for empowering grassroots enterprises and reducing barriers to business success.
