The Federal Government has fully disbursed N75 billion to 104 manufacturing businesses, while N65.8 billion has been released to 15,018 micro, small and medium enterprises (MSMEs) to strengthen local production, expand businesses and create jobs.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this while delivering an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity”. She said the interventions were part of efforts to improve productive capacity, strengthen local industries and promote sustainable economic growth.
The funds were disbursed under the Federal Government’s N200 billion intervention package managed by the Bank of Industry (BoI). The package comprises a N50 billion Presidential Conditional Grant Scheme for nano businesses, a N75 billion MSME Intervention Fund and a N75 billion Manufacturing Sector Fund.
Oduwole explained that while the manufacturing fund had been fully disbursed to 104 businesses, N65.8 billion had reached 15,018 MSMEs as of the first quarter of 2026.
She stressed that the success of the interventions should be measured by stronger businesses, increased production and improved livelihoods rather than the amount of money released.
The minister identified access to finance as a major challenge facing manufacturers, particularly in acquiring equipment, purchasing raw materials and expanding production capacity. She said the government was working to remove barriers to investment, production and trade while creating a favourable environment for businesses.
Highlighting growth in the manufacturing sector, Oduwole said cement manufacturing expanded by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly grew by 5.44 per cent during the same period. Vehicle assembly also recorded 40.6 per cent growth in 2025, while cassava starch production increased by 474.74 per cent.
She added that opportunities under the African Continental Free Trade Area (AfCFTA) remained significant, noting that intra-African trade had grown by 21 per cent.
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