The Federal Government has disbursed ₦140.8 billion to 15,122 businesses across Nigeria under its intervention programmes aimed at strengthening local industries, supporting small businesses and creating employment opportunities.
The beneficiaries comprise 104 manufacturing companies and 15,018 micro, small and medium-sized enterprises (MSMEs), which received funding through two components of the government’s ₦200 billion intervention package.
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”.
According to the minister, the government has completed the disbursement of the ₦75 billion Manufacturing Sector Fund to 104 manufacturing companies, while ₦65.8 billion has been released to 15,018 MSMEs under the MSME Intervention Fund as of the first quarter of 2026.
The intervention programmes are being implemented through the Bank of Industry (BoI) as part of efforts to improve access to affordable finance, stimulate local production and strengthen the country’s industrial capacity.
Oduwole explained that the funding initiative was designed to address some of the major challenges confronting businesses, particularly inadequate access to affordable capital for expansion, production and improved operational efficiency.
She said manufacturers and small businesses remained critical to Nigeria’s economic development, adding that supporting their growth would increase domestic production, strengthen supply chains and create more employment opportunities.
The ₦200 billion intervention package comprises three major programmes: the ₦50 billion Presidential Conditional Grant Scheme for nano businesses, the ₦75 billion Federal Government MSME Intervention Fund and the ₦75 billion Manufacturing Sector Fund.
While the Presidential Conditional Grant Scheme targets the smallest businesses, the MSME Intervention Fund provides financial support to enterprises seeking to sustain or expand their operations. The Manufacturing Sector Fund, meanwhile, is designed to support industrial production, particularly through investments in machinery, raw materials and production facilities.
With the latest disbursement figures, the Manufacturing Sector Fund has been fully utilised, while the MSME Intervention Fund has released ₦65.8 billion of its ₦75 billion allocation, leaving a balance of ₦9.2 billion as of the reported period.
The minister, however, cautioned against measuring the success of the intervention solely by the volume of funds released, insisting that its real impact should be assessed through increased production, business expansion, improved productivity and better living conditions for Nigerians.
She acknowledged that access to finance remained one of the biggest obstacles facing manufacturers, many of whom require substantial capital to acquire modern equipment, purchase raw materials, improve production processes and expand their capacity to meet market demand.
Oduwole said addressing these constraints was essential to building a stronger manufacturing sector and reducing Nigeria’s dependence on imported products.
She further stressed that the country’s economic transformation would require fiscal discipline, monetary stability and policies that encourage domestic production.
According to her, the Federal Government is working to remove obstacles to investment, manufacturing and trade while creating an enabling environment for businesses to compete effectively.
Highlighting developments across the manufacturing sector, the minister disclosed that cement production grew by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly expanded by 5.44 per cent during the same period.
She also reported that vehicle assembly recorded a 40.6 per cent increase in 2025, while cassava starch production experienced significant growth of 474.74 per cent.
Oduwole said the figures demonstrated the opportunities available in Nigeria’s industrial sector, particularly in converting locally available raw materials into finished products for domestic consumption and export.
“Processing locally grown cassava into industrial starch will support manufacturers, while vehicle assembly will create opportunities for engineers, technicians and supply-chain businesses,” she said.
She explained that expanding cassava processing would strengthen the connection between agriculture and manufacturing by creating a reliable market for farmers while supplying industries with locally produced raw materials.
Industrial starch is used in several manufacturing processes, and increased domestic production could reduce reliance on imported supplies while generating additional demand for cassava cultivated by Nigerian farmers.
Similarly, growth in vehicle assembly could stimulate local supply chains and create employment opportunities for engineers, technicians, mechanics and businesses involved in the production and distribution of automotive components.
Beyond domestic production, the minister identified the African Continental Free Trade Area (AfCFTA) as a major opportunity for Nigerian businesses.
She noted that intra-African trade had increased by 21 per cent, highlighting the potential for Nigerian manufacturers and exporters to expand their presence in markets across the continent.
The agreement seeks to promote trade among African countries by reducing trade barriers and creating a wider market for goods and services produced within the continent.
Oduwole said Nigeria must position its industries to take advantage of the opportunities by improving production capacity, product quality and competitiveness.
In a related development, President Bola Tinubu had earlier approved free Corporate Affairs Commission (CAC) registration for more than 250,000 MSMEs nationwide, in a move aimed at reducing the cost of formalising small businesses and encouraging their participation in the formal economy.
The combined interventions form part of the Federal Government’s broader efforts to support enterprise development, strengthen local manufacturing and promote a more productive and diversified Nigerian economy.
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