The National Council on Micro, Small, and Medium Enterprises (MSMEs) has inaugurated a high-level committee to engage with the Central Bank of Nigeria (CBN) and other stakeholders to improve access to financing for small businesses in Nigeria.
The committee, which was set up during the council's first meeting for 2025 at the Presidential Villa, Abuja, is chaired by the Minister of State for Industry, Trade, and Investment, Senator John Enoh. Other members include the Ministers of Science and Technology, Women Affairs, and State for Agriculture and Food Security.
As part of efforts to ease funding challenges for MSMEs, the council also approved a new financing scheme called the Syndicated De-Risked Loans for Small Businesses. The initiative, a collaboration between state governments and financial institutions, will provide MSMEs with loans at single-digit interest rates to support business growth.
Vice President Kashim Shettima, who presided over the meeting, reaffirmed the Federal Government's commitment to empowering MSMEs, recognizing their crucial role in job creation and economic development. He called on state governments to establish non-partisan structures to ensure the sustainability of the syndicated loan scheme beyond current administrations.
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"Some of these initiatives are laudable and must outlive the present administrations in the states. Regardless of political affiliations, Nigerians must be the ultimate beneficiaries of these schemes," Shettima said.
Key members of the committee include the Senior Special Assistant to the President on MSMEs, Temitola Adekunle-Johnson, as well as heads of agencies such as SMEDAN, BOI, BOA, NEXIM Bank, DBN, CAC, NIPC, and NEPC. A representative of the organized private sector is also part of the team.
Adekunle-Johnson described the syndicated de-risked loan scheme as a transformative initiative aimed at providing affordable and accessible loans to small businesses. He emphasized President Bola Tinubu's dedication to MSME development and highlighted the scheme's potential to boost job creation across the country.
Additionally, the Director-General of SMEDAN, Charles Odii, presented the agency's GROW Nigeria Strategy, a framework designed to support 40 million small businesses in eight key sectors through Guidance, Resources, Opportunities, and Workforce development.
The council's resolutions signal renewed efforts to strengthen Nigeria's MSME sector, ensuring greater access to financing and long-term sustainability for small businesses.
