The Nigerian government has unveiled ambitious plans to accelerate the growth of micro, small and medium-sized enterprises (MSMEs) through improved access to financing and institutional support.
Vice-President Kashim Shettima announced the formation of a high-level committee during the first National Council on MSMEs meeting of 2025 in Abuja. The committee, headed by Trade Minister John Enoh, will collaborate with the Central Bank of Nigeria to develop new financing mechanisms for small businesses.
A key element of the initiative is a new syndicated de-risked loan scheme, which will see state governments partner with financial institutions to offer single-digit interest rates to MSMEs nationwide.
“Some of these initiatives are laudable and will need to outlive the present administrations in the states,” Mr Shettima said, urging state governments to establish apolitical vehicles to manage the scheme’s implementation.
The committee includes representatives from major financial institutions such as the Bank of Industry and Development Bank of Nigeria, as well as key regulatory bodies like the Corporate Affairs Commission.
Additionally, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) presented its GROW Nigeria strategy, aimed at supporting approximately 40 million small businesses across eight sectors through improved guidance and resources.
The initiative forms part of President Bola Tinubu’s broader economic agenda to stimulate job creation and business growth across Africa’s largest economy.
