The Federal Government has disbursed N140.8 billion to 15,122 manufacturing businesses and micro, small and medium enterprises (MSMEs) under its N200 billion intervention package to boost domestic production and create jobs.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this in an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity”.
She said the N75 billion Manufacturing Sector Fund had been fully disbursed to 104 manufacturing businesses, while N65.8 billion had reached 15,018 MSMEs under the FGN MSME Intervention Fund as of the first quarter of 2026.
The intervention package, managed by the Bank of Industry (BoI), comprises the N50 billion Presidential Conditional Grant Scheme for nano businesses, the N75 billion FGN MSME Intervention Fund and the N75 billion FGN Manufacturing Sector Fund.
Oduwole said the interventions were designed to strengthen local industries, improve productive capacity and support business expansion.
She, however, stressed that the success of the funding should be measured by stronger businesses, increased production and improved livelihoods rather than the amount disbursed.
The minister identified access to finance as a major challenge facing manufacturers, particularly in acquiring equipment, purchasing raw materials and expanding production capacity.
She said the government was working to remove barriers to investment, production and trade while promoting fiscal discipline, monetary stability and policies that support local industries.
Highlighting growth in the manufacturing sector, Oduwole said cement manufacturing expanded by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly grew by 5.44 per cent.
She added that vehicle assembly recorded 40.6 per cent growth in 2025, while cassava starch production increased by 474.74 per cent.
“Processing locally grown cassava into industrial starch will support manufacturers, while vehicle assembly will create opportunities for engineers, technicians and supply-chain businesses,” she said.
Oduwole also highlighted opportunities under the African Continental Free Trade Area (AfCFTA), noting that intra-African trade had grown by 21 per cent.
