Home News FG Working to Improve Finance Access for MSMEs — Trade Minister

FG Working to Improve Finance Access for MSMEs — Trade Minister

by AgroNigeria

Nigeria’s Federal Government has reaffirmed its dedication to reducing poverty and promoting economic growth by improving access to finance for Micro, Small, and Medium Enterprises (MSMEs). 

According to Dr. Doris Anite, Minister of Industry, Trade and Investment, “Micro, Small, and Medium Enterprises are the backbone of many economies around the world, particularly in developing nations like ours. They account for over 90% of businesses and contribute significantly to employment, income generation, and economic growth.” 

MSMEs play a vital role in addressing poverty, creating employment opportunities, especially for youth and women, and serving as crucial players in food production and distribution systems. 

By supporting these enterprises, the government is investing in food security at the grassroots level, which has never been more important than now, considering the current global food security crisis intensified by conflicts, pandemics, and climate change.

The Bank of Industry (BOI) has launched several initiatives to support MSMEs, including: BOI Journal of Development Finance and BOI Journal of Development Review; BOI PriceSense NG; and Disbursement of loans totaling N77.65 billion to almost 1,000 MSMEs across the country.

Dr. Olasupo Olusi, Managing Director of BOI, emphasized the importance of creating an environment that fosters sustainable growth through access to capacity building programs, promoting technological innovation, and connecting businesses to domestic and international markets. 

“We are fostering a culture of innovation and entrepreneurship, driving job creation, poverty reduction, and inclusive economic growth.”

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