The Federal Government has released N140.8 billion to manufacturing companies and small businesses across the country as part of efforts to strengthen local production, support enterprise growth and create employment opportunities.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed that N75 billion had been fully paid to 104 manufacturing firms, while another N65.8 billion had gone to 15,018 micro, small and medium-sized enterprises (MSMEs).
She made the disclosure while delivering an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity,” where she highlighted government interventions aimed at improving the country’s productive capacity.
The funds were provided under the Federal Government’s N200 billion business support programme, administered by the Bank of Industry (BoI).
The intervention package consists of three major components: N50 billion for nano businesses under the Presidential Conditional Grant Scheme, N75 billion for MSMEs and another N75 billion dedicated to manufacturing companies.
According to Oduwole, the manufacturing fund has been completely exhausted through disbursements to the 104 beneficiary companies, while the MSME intervention had reached N65.8 billion as of the first quarter of 2026.
However, the minister cautioned against judging the success of the programme solely by the volume of money released. She maintained that the real measure should be whether the support helps businesses increase production, expand their operations and improve the living conditions of Nigerians.
Oduwole acknowledged that inadequate access to funding remains a major obstacle for manufacturers, particularly those seeking to purchase machinery, obtain raw materials, increase production and employ more workers.
She added that improving Nigeria’s industrial sector would require stable monetary policies, responsible fiscal management and a business environment that encourages investment and local production.
Providing an update on industrial performance, the minister disclosed that cement production grew by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly recorded a 5.44 per cent increase within the same period.
She also reported that vehicle assembly expanded by 40.6 per cent in 2025, while cassava starch production witnessed a significant 474.74 per cent increase.
The minister said expanding local processing of agricultural products, particularly cassava, would provide raw materials for industries and reduce dependence on imported alternatives. She added that growth in vehicle assembly could create more opportunities for engineers, technicians and businesses involved in the automotive supply chain.
Oduwole further identified the African Continental Free Trade Area (AfCFTA) as an opportunity for Nigerian businesses to access wider markets, noting that trade between African countries had increased by 21 per cent.
