FG maps 500,000 MSMEs to drive industrial growth, competitiveness

The Nigerian Federal Government has successfully registered over 500,000 Micro, Small, and Medium Enterprises (MSMEs) into a national database, a move aimed at strengthening industrial development, improving policy planning, and enhancing the nation's competitiveness in regional and global trade. This initiative is part of the broader "Renewed Hope Agenda" focused on driving industrialization and attracting investments.

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The MSME database will provide government with credible information to design targeted interventions, improve access to finance and support business growth, noting that the initiative forms part of broader efforts to build a more competitive and inclusive economy.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, revealed that the MSME database will provide crucial information for designing targeted interventions, improving access to finance, and supporting business growth. This effort is vital given that MSMEs are estimated to number over 40 million in Nigeria, contributing significantly to the GDP and employment, despite facing challenges like a N13 trillion credit gap, inflation, and power issues.

Recent achievements highlighted by the Minister include facilitating over $50 billion in Foreign Direct Investment (FDI) commitments and recording $6.1 billion in non-oil exports. Furthermore, over N600 billion has been disbursed through the Bank of Industry (BoI) to support businesses across various sectors. Nearly 300,000 Nigerians have also benefited from government-backed skills development programs, enhancing workforce capacity and productivity.

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Available statistics estimate the number of MSMEs in Nigeria to be over 40 million, many of which operate in the informal sector, accounting for about 48% of the GDP and 86% of national employment.

Looking ahead, the ministry plans to prioritize the development of industrial clusters, expand manufacturing capacity, facilitate investment, promote digital trade, and implement the National Single Window to reduce the cost of doing business. Strengthening intellectual property protection and increasing participation in the African Continental Free Trade Area (AfCFTA) are also seen as critical steps to boost export competitiveness and leverage opportunities across the continent. The government aims to build a $1 trillion economy through these concerted efforts.

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Nigeria has facilitated more than $50 billion in Foreign Direct Investment (FDI) commitments, recorded $6.1 billion in non-oil exports, and disbursed over N600 billion through the Bank of Industry (BoI) to support businesses across critical sectors.