FG to roll out $10bn global fund for MSMEs – Minister

The federal government has announced that it will soon commence the implementation of the $10 billion global investment fund to boost growth and development for Micro Small and Medium Enterprises in the country. 

The Minister of Industry, Trade and Investment,  Dr Doris Uzoka Anite, made the disclosure in Abuja on Thursday at the 2024 National MSME conference with the theme ‘GROW Nigeria: Sustaining a digital and Innovative Driven Economy’. 

The minister said, “As part of efforts to drive growth and development of MSMEs, we are launching a $10 billion global investment fund which is an equity funding that will stimulate innovation and fund capital.

“Beyond policy and regulation, this administration has also sought to address one of the most cardinal challenges faced by most MSMEs; access to finance, which is why we set aside the N200 billion Presidential Loans and Grant Scheme.

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“At the heart of a thriving economy lies infrastructure both physical and digital. The expansion of high-speed internet, 5G networks, and the adoption of cloud technologies will enable businesses, particularly small and medium enterprises, to participate fully in the global digital marketplace.

“To this effect, my Ministry has secured the support of the Joint WTO-World Bank Digital Trade for Africa (DTA) project where Nigeria will be supported with digital connectivity infrastructure, digitalization across the public and private sectors in Nigeria, and the development of policies, strategies and tools to enhance Nigeria’s connectivity to the digital world,” she said.

The minister also said as part of efforts to boost ease of doing business, the CAC currently offers 24hrs registration for MSMEs and so far, three million businesses have been registered in partnership with Moniepoint and others. 

Also speaking, the Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, noted that aside from access to finance, there is also lack of access to mentors and capacity development. 

“Therefore we commenced rapid capacity building in partnership with GIZ and also through the One Local Government, One Product initiative, we are giving interest free loans to MSMEs through cooperatives.

“Also through the GROW (Guidance Resources Opportunities Workforce support) initiatives,  we are helping small business to access finance and so far,  we signed a partnership with BoI for N1bn, Sterling Bank 5bn sterling, Enugu government, 1Nbn, as well as Katsina State.”

Earlier in his remarks, President Bola Ahmed Tinubu who was represented by the Secretary to the Government of the Federation, Sen. George Akume, said “Government is working to ensure that all MDAs of the federal government, as well as state stakeholders, are better aligned and their efforts harmonised to prioritise MSMEs which are the key to unlocking Nigeria’s economic potential.”