At the Bank of Industry’s inaugural lecture in Abuja, Minister of Industry, Trade, and Investment, Doris Anite, made a strong case for empowering Micro, Small, and Medium Enterprises (MSMEs) as a solution to Nigeria’s deepening food insecurity and poverty crisis. She called for focused efforts to provide the necessary financing and resources to enable MSMEs to play their crucial role in the food value chain.
Speaking at the event themed “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria,” Anite emphasized the vital role that MSMEs play in ensuring food security across the country. She noted that MSMEs represent over 90% of Nigerian businesses, contributing significantly to employment, economic growth, and income generation.
“MSMEs are at the heart of food production and distribution,” Anite said. “From smallholder farmers to food processors and distributors, these enterprises are deeply embedded in the food value chain. By supporting them, we are investing in food security at the grassroots level—at a time when food shortages could worsen.”
Anite stressed that empowering smallholder farmers and agribusinesses through targeted financing would enhance agricultural productivity, reduce post-harvest losses, and streamline food distribution. “In the context of food insecurity, MSMEs in agriculture have the potential to revolutionize local food systems,” she added.
The minister underscored the importance of financial inclusion as a key driver for unlocking the full potential of MSMEs. “Without access to affordable credit, savings, and investment opportunities, these enterprises cannot expand, improve their technology, or create jobs,” she said. Anite expressed optimism about new financing initiatives being developed by the Bank of Industry and other partners to provide much-needed capital for small businesses in agriculture.
She further highlighted the role of sustainable agricultural practices in combating the negative effects of climate change on food security. “By investing in MSMEs, we not only increase productivity but also create a more resilient agricultural sector capable of withstanding climate challenges.”
Anite called for a collaborative effort from the government, development partners, and the private sector to build a robust financial system that caters to MSMEs. “We need microfinance schemes, loan guarantees, and public-private partnerships that can de-risk investments in these enterprises,” she said.
In her address, Anite also pointed to the potential of digital financial solutions in transforming MSMEs, especially in rural areas. “Technology, such as mobile banking, digital payment platforms, and blockchain for transparent supply chains, can provide more inclusive financial services for small businesses,” she said. These innovations, she argued, would help MSMEs access the funding they need to expand, improve efficiency, and compete in both local and global markets.
Anite encouraged stakeholders to work closely together to implement initiatives and policies that would boost MSME participation in ventures aimed at improving food security. “It’s pivotal that we ensure our MSMEs in agriculture receive the necessary financing, and I’m excited about the initiatives by the Bank of Industry and development partners today,” she stated.
She reiterated that food security and poverty alleviation must be tackled together, with MSMEs playing a central role in achieving these goals. “If we are serious about addressing food insecurity and poverty in Nigeria, empowering MSMEs is not just an option—it’s a necessity,” Anite concluded.
At the event, other speakers echoed Anite’s sentiments. The Attorney General of the Federation, Lateef Fagbemi, stressed the government’s commitment to improving Nigeria’s food systems. He praised MSMEs for their contribution to the economy, saying, “Without the MSME sector, many of our initiatives to improve agriculture and food security would struggle to succeed.”
Justice Monica Dongban-Mensem, President of the Court of Appeal, also expressed support for MSME empowerment, stating, “Corruption, inefficiency, and lack of resources should not stand in the way of progress. We must work together to ensure that MSMEs have the tools and resources they need to succeed.” She assured the audience that the judiciary would support initiatives that boost food security and poverty alleviation.
With the support of key institutions like the Bank of Industry and the efforts of stakeholders across the public and private sectors, the empowerment of MSMEs could serve as a powerful tool to address Nigeria’s pressing challenges of food insecurity and poverty. As Anite’s remarks made clear, financing and technology will be central to unlocking the potential of MSMEs in agriculture and beyond.
