The Federal Government, yesterday, declared that it is working in collaboration with other stakeholders for a deliberate effort at ensuring growth in the Micro, Small and Medium Enterprises (MSMEs) space.

To this end, the National Council on Micro, Small and Medium Enterprises (MSMEs) has set up a committee to interface with the Central Bank of Nigeria to enhance the financing of small businesses in the country.

This was part of decisions taken at the first meeting of the National Council on MSMEs for 2025 held at the Presidential Villa, Abuja. Speaking after deliberations by members, Vice President Kashim Shettima said the government, through its agencies and partners, has the moral burden of supporting growth in the MSME space, and facilitating job creation across different sectors for Nigerians.

Reeling out the mandate of the committee, Shettima said the efforts of the administration in supporting small businesses need to be complemented by stakeholders, especially the private sector.

The committee, headed by the Minister of State for Industry, Trade and Investment, Sen. John Enoh, has Ministers of Science and Technology; Women Affairs; Minister of State for Agriculture and Food Security and the Senior Special Assistant to the President on MSMEs as members.

Others include the CEOs of the Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Agriculture (BOI), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), and representatives of NACCIMA and the organised private sector.

In the same vein, the Council also approved a loan scheme for MSMEs known as the syndicated de-risked loans for small businesses. The scheme will be a partnership between state governments and financial institutions aimed at enhancing access to finance for MSMEs at single-digit rates across the country.

Shettima advised state governments to set up vehicles that are devoid of political interests to drive implementation of the syndicated de-risked loans for the MSMEs scheme.

Earlier, Senior Special Assistant to the President on MSMEs, Temitola Adekunle-Johnson, presented the ‘syndicated de-risked loans’ scheme for small businesses, seeking the cooperation of members, and describing it as a game-changing programme to provide affordable and available loans for businesses.