The Minister of Information and National Orientation, Mohammed Idris, announced on Tuesday that supporting small businesses is a cornerstone of the economic reform agenda under President Bola Ahmed Tinubu’s administration. Speaking at the Media Activation and Town Hall Meeting in Abuja, which focused on the Federal Government Loan Scheme for Medium, Small, and Micro Enterprises (MSMEs) and Manufacturing Enterprises, Idris outlined the critical role of these businesses in strengthening Nigeria’s economy.
Idris highlighted that MSMEs are pivotal to Nigeria’s economic foundation, employing over 80 percent of the workforce and contributing nearly half of the national GDP. “The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows,” Idris said. He emphasized that targeted support for MSMEs is essential not only for economic growth but also as a response to the challenges faced due to recent economic reforms aimed at achieving sustainable growth.
Recognizing the impact of these reforms on the Nigerian people, particularly vulnerable communities, Idris assured that the government would make every effort to alleviate hardships. The MSME loan scheme, offering single-digit interest rates, will be accompanied by tax reforms designed to reduce the financial burden on businesses.
To ensure broad access, the government has organized similar town hall meetings across Nigeria’s six geo-political zones to engage MSMEs and encourage them to apply for the loans, thereby enhancing their operations. Idris underlined the administration’s commitment to inclusive growth, noting that the interventions are tailored to support Nigeria’s energetic entrepreneurs.
The MSME loan scheme is being rolled out in phases. In the first phase, 200 billion Naira was allocated, with 50 billion Naira disbursed as one-time grants to nano-businesses. The second phase targets micro, small, and medium enterprises with an additional 75 billion Naira. Idris assured that applicants would not need personal connections to qualify for the funds, saying, “This is a government of equal and fair opportunities for everyone, and I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency.”
The Minister also praised the Office of the Vice President and the Bank of Industry for their efforts in implementing the program and directed public agencies, particularly the National Orientation Agency, to increase public awareness of these initiatives.
The Tinubu administration remains focused on revitalizing Nigeria’s economy by empowering small business owners and reinforcing its commitment to fair, transparent, and inclusive economic development.
