FG to Spend N200 billion to Promote MSMEs and Manufacturing, to Accelerate Economic Growth

The Federal Government of Nigeria has allocated N200 billion to support Micro, Small, and Medium Enterprises (MSMEs) and the manufacturing sectors, aiming to generate job opportunities and foster economic growth.

The announcement was made during a capacity-building event for MSMEs in Lokoja, Kogi State, by Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment.

Federal government also initiated the licensing of Business Development Service Providers (BDSPs) based on a new certification and accreditation framework to standardize the delivery of Business Development Services (BDS) across the country.

The workshop organized in Lokoja focused not only on capacity building but also provided a platform for networking, encouraging collaboration and idea-sharing among MSMEs.

This commitment to the MSME sector aligns with the Renewed Hope Agenda of President Bola Tinubu, recognizing the pivotal role of MSMEs in driving economic growth.

The Governor of Kogi State, represented by the Managing Director/Chief Executive Officer of Kogi Enterprises Development Agency (KEDA), expressed the state government’s commitment to implementing the training initiatives across the state, emphasizing the positive impact on SMEs and the overall economy.

About the funds

The earmarked funds will be made accessible to small business owners through a single-digit interest loan, facilitating business expansion and wealth creation.

The Permanent Secretary highlighted previous government interventions in the MSME sector, such as the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund.

These interventions are targeted to support MSME growth, fostering industrialization and economic advancement.