FG plans new initiative to ease access to loans for SMEs 

The Federal Government said it would launch a new initiative that would allow small and medium enterprises (SMEs) to easily access loans. This was disclosed by the Minister of State for Industry, Trade, and Investment, John Enoh, during the Renewed Hope Global Virtual Conference 2025 held recently.

While acknowledging the difficulties small businesses face in meeting loan requirements, especially when dealing with commercial banks, he said the initiative would be launched in partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to MSMEs nationwide.

The Minister reiterated the government’s commitment to easing financial access through the Bank of Industry (BOI), describing the institution as one of the country’s best-performing agencies.

“The BOI has been instrumental in supporting businesses, but I recognise the hurdles many small enterprises face in accessing loans. We are however actively engaging with BoI to streamline the process and make funding more accessible,” he stated. He reaffirmed the government’s commitment to enhancing industrial expansion, improving access to funding and driving digital innovation to strengthen Nigeria’s economic competitiveness.

While acknowledging that some targets in oil and gas processing zones have not been fully met, he assured that the government remains committed to ensuring these zones contribute significantly to Nigeria’s economic growth.

“Although we may not have achieved all our initial goals, we are focused on ensuring that our export processing zones operate efficiently and deliver value to the Nigerian economy,” he said.

To further accelerate industrial growth, the minister announced the creation of an Industrial Revolution Work Group. This task force will comprise key stakeholders, including 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).

Other participants include the ministries of Power and Finance as well as the Nigeria Customs Service (NCS). The group will be tasked with addressing industrial challenges collectively and driving Nigeria’s industrial transformation. “This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” he noted.He also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, a $700 million programme domiciled in the BOI.

The initiative, backed by partners such as Afreximbank, the Islamic Development Bank and a French financial institution, aims to empower young innovators by providing access to funding and business expansion support.

“iDICE is a critical part of our strategy to foster innovation and entrepreneurship, positioning Nigeria as a global leader in the digital economy,” he said.