In a landmark disclosure that underscores the strategic importance of micro, small, and medium enterprises (MSMEs) to Nigeria’s economic development, the Minister of State for Industry, Trade and Investment, Senator John Enoh, has revealed that the Bank of Industry (BOI) has disbursed an impressive N1.3 trillion to support MSMEs nationwide.
This announcement was made during the 2025 Global Entrepreneurship Congress (GEC) and the high-level Startup Nations Ministerial, held in Indianapolis, United States. Senator Enoh, representing Nigeria, delivered a keynote at the international gathering of ministers, innovation leaders, and entrepreneurs, reiterating President Bola Tinubu’s administration’s unwavering commitment to empowering the nation’s MSMEs and digital economy.
According to a statement from the Federal Ministry of Industry, Trade and Investment, the minister emphasized that Nigeria’s over 39 million MSMEs are the bedrock of national employment, contributing a staggering 84% of total employment across the country. The BOI’s disbursement, he stated, is not merely financial aid but a strategic investment in the resilience and sustainability of Nigeria’s economic future.
“We are not just supporting small businesses; we are investing in national resilience and the architects of our economic future,” Enoh noted.
The minister highlighted several key reforms initiated under the Nigeria Startup Act, aimed at driving innovation, reducing entry barriers, and improving the business climate for startups and small businesses. These include the development of industrial hubs in several states, the Syndicated De-risked Loan Scheme, and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), such as solar-powered innovation centres and digital enterprise programmes.
These initiatives, Enoh added, reflect a broader national strategy to promote inclusive industrialisation and stimulate grassroots entrepreneurship—especially in underserved regions where MSMEs serve as lifelines for local economies.
Nigeria’s rising profile as a digital innovation hub was also spotlighted, with the success story of Flutterwave—a Nigerian fintech startup now valued at over $3 billion—used as a global example of the potential within the country’s tech and enterprise ecosystem.
Beyond the congress plenary, Enoh led bilateral meetings with several global organisations and country representatives. These included discussions with the United Nations Conference on Trade and Development (UNCTAD) on MSME competitiveness, the Organisation for Economic Co-operation and Development (OECD) on industrial benchmarking, and ministries from Algeria, Brazil, and Indonesia to foster South-South cooperation.
“These engagements underscore Nigeria’s leadership in shaping Africa’s voice on global entrepreneurship,” the ministry stated. “They also present avenues for technical support, capacity-building, and cross-border investment for Nigerian businesses.”
The Bank of Industry’s role in funding MSMEs has grown substantially under the current administration, with the N1.3 trillion disbursed spanning across sectors such as manufacturing, agribusiness, digital services, and creative industries. This expansion is in line with BOI’s mandate to facilitate sustainable development by providing long-term financing and advisory support to businesses.
Analysts believe that this level of investment could lead to measurable improvements in job creation, enterprise formalisation, and export diversification—three major pillars of the Federal Government’s industrial growth strategy.
The Federal Government reiterated its readiness to deepen partnerships with global institutions to unlock digital trade opportunities, boost SME financing, and catalyse national industrial advancement. Senator Enoh assured that under the Renewed Hope Agenda of President Tinubu, entrepreneurship would remain a cornerstone of the country’s economic renaissance.
“From policy to financing, Nigeria is charting a bold new path to economic resilience,” the ministry concluded.
As the country grapples with post-pandemic recovery and the pressures of global economic transformation, the support for MSMEs—backed by bold reforms, robust partnerships, and strategic investments—positions Nigeria for a more inclusive and innovation-driven future.
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