The Federal Government has announced plans to launch a new initiative to provide easier access to loans for Small and Medium Enterprises (SMEs) across the country.
The Minister of State for Industry, Trade, and Investment, Senator John Enoh, disclosed this development during Sunday’s Renewed Hope Global Virtual Conference 2025. Acknowledging the challenges SMEs face in securing financial support, particularly from commercial banks, Enoh revealed that the initiative will be implemented in collaboration with First City Monument Bank (FCMB).
Speaking on the initiative, Senator Enoh emphasized the government’s commitment to empowering small businesses through accessible funding.
“In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” he said. The partnership with FCMB aims to simplify loan disbursement, ensuring that micro and small enterprises nationwide can secure financial support for growth and sustainability.
Enoh also reiterated the government’s dedication to SME financing through the Bank of Industry (BOI), which he described as one of Nigeria’s most effective financial institutions.
“The BOI has been instrumental in supporting businesses, but I recognize the hurdles many small enterprises face in accessing loans. We are actively engaging with the BOI to streamline these processes and make funding more accessible,” he stated.
Beyond financing, the Minister highlighted the government’s broader economic agenda, which includes industrial expansion, enhanced digital innovation, and improved access to funding for small businesses.
On industrialization, Enoh acknowledged that while progress has been made, some targets in oil and gas processing zones remain unmet. However, he assured that the government is committed to revitalizing these zones to maximize their contribution to the nation’s economic growth.
“Although we may not have achieved all our initial goals, this administration is focused on ensuring that our export processing zones operate efficiently and deliver value to the Nigerian economy,” he noted.
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To further drive industrial development, the government is establishing an Industrial Revolution Work Group. This task force will include key stakeholders such as government agencies, private sector representatives, and major industry associations like 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). Also involved will be the Ministry of Power, the Ministry of Finance, and the Nigeria Customs Service.
According to Enoh, the group will tackle industrial challenges and position Nigeria as a globally competitive manufacturing hub.
“This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” he said.
The new SME loan initiative and the broader industrial strategies reaffirm the government’s commitment to fostering a thriving business environment, ensuring that small enterprises play a pivotal role in Nigeria’s economic growth.
