The Federal Government reveals plans to introduce a new initiative designed to improve loan access for Small and Medium Enterprises (SMEs) throughout Nigeria. Senator John Enoh, the Minister of State for Industry, Trade, and Investment, made this announcement at the Renewed Hope Global Virtual Conference 2025 on Sunday.
Understanding that small businesses have a difficult time getting loans, especially from commercial banks, Enoh highlights that the government is working with First City Monument Bank (FCMB) to make it easier for micro and small businesses nationwide to apply for loans.
“We expect to announce this partnership in the coming weeks, making it easier for thousands of small business owners to access funding,” he says.
The Minister highlights the importance of the Bank of Industry (BOI) in supporting business growth, describing it as one of Nigeria’s top-performing agencies. However, he acknowledges the difficulties many small businesses encounter when accessing loans and stresses that efforts are underway to streamline the process and make financing more accessible through BOI.
“We are working to ensure that financing is easier for small businesses. We are collaborating with BOI to refine these processes,” Enoh explains.
The government remains committed to boosting industrial development, improving funding access, and encouraging digital innovation to strengthen Nigeria’s competitive position in the global market.
Enoh also discusses the need for improvement in oil and gas export processing zones. Although some targets have not been fully met, he reassures that the government is focused on making these zones more efficient and impactful for Nigeria’s economic growth.
“Even though some objectives have not yet been fully realized, this administration is committed to ensuring that our export processing zones operate effectively and deliver value to the economy,” he states.
To further accelerate industrial growth, Enoh announces the creation of an Industrial Revolution Work Group. The group will consist of government agencies, private sector representatives, and industry associations such as the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), and the Nigeria Association of Small and Medium Enterprises (NASME). The Ministry of Power, Finance, and Nigeria Customs Service will also be involved in addressing industrial challenges and driving Nigeria’s industrial transformation.
Enoh highlights the $700 million Investment in Digital and Creative Enterprises (iDICE) initiative, managed by the BOI. The program, backed by partners like Afreximbank and the Islamic Development Bank, aims to support young innovators and creative entrepreneurs by providing them with funding and business expansion opportunities.
“iDICE is a key component of our strategy to position Nigeria as a global leader in the digital economy,” Enoh affirms.
In order to increase Nigeria’s economic competitiveness and guarantee long-term sustainable development, the Minister restates the government’s commitment to promoting innovation, entrepreneurship, and industrial growth.
