FG’s N200bn MSME Fund, a ‘lifeline’ for grassroots entrepreneurs — Minister

The Minister of State for Industry, Trade and Investment, Senator John Owan-Enoh, has described the ¦ 200 billion intervention fund for Micro, Small and Medium Enterprises (MSMEs) as a vital financial conduit designed to empower businesses and stimulate grassroots enterprise.Speaking at a town hall meeting on the presidential grant and loan scheme for MSMEs in Calabar on Wednesday, Owan-Enoh said the fund represents more than just financial assistance, framing it as a strategic effort to reinvigorate Nigeria’s entrepreneurial base.He described the scheme as a “financing pipeline” that has broadened access to capital for many previously excluded or underfunded businesses.

“This gathering is not only about disbursing capital,” the minister said. “It is about building confidence, igniting the entrepreneurial spirit, and restoring the dignity of honest labour.”Addressing participants from across the Cross River business community, Owan-Enoh urged local entrepreneurs to take full advantage of the programme.



He reaffirmed that small and medium-scale businesses remain the cornerstone of economic growth, both in Nigeria and globally.He also drew attention to the persistent barriers MSMEs face, such as limited access to financing, high interest rates, and institutional obstacles.“The future of Nigeria cannot be sustained by the oil sector alone,” he said.

“Small and medium-scale enterprises are essential to our economic and industrial growth. This administration is committed to unlocking their potential.”Temitola Johnson, Special Adviser to the President on Job Creation and MSMEs, underscored the programme’s role in supporting the president’s broader economic recovery agenda, particularly following the removal of the petrol subsidy.

“This intervention fund is part of the administration’s palliative measures,” Johnson said. “MSME operators can access up to ¦ 5 million with a competitive interest rate of 9 per cent. It is an opportunity to scale their operations and improve productivity.

”Also speaking at the event, Dr Olasupo Olusi, Managing Director of the Bank of Industry, echoed the fund’s significance, calling it an investment in the nation’s long-term prosperity.He noted that MSMEs represent the backbone of Nigeria’s economy, accounting for 96 per cent of businesses, 84 per cent of employment, and close to 50 per cent of the country’s Gross Domestic Product.“So far, the Bank of Industry has disbursed more than ¦ 107 billion to around 900,000 MSMEs across all six geopolitical zones,” Olusi added.

“This initiative is about inclusive growth and sustainable development.”In a show of support from the state government, Cross River Governor Bassey Otu commended the Federal Government’s efforts. Represented by the Commissioner for Wealth Creation, Mr Patrick Egbede, the governor described the fund as a positive development for local businesses.

According to Egbede, 2,000 small-scale businesses in Cross River have already benefited from the grant, out of a total of 8,168 registered MSMEs in the state.He encouraged others yet to apply to do so, describing the initiative as a “transformative step towards job creation, wealth distribution, and long-term economic resilience.”The post FG’s N200bn MSME Fund, a ‘lifeline’ for grassroots entrepreneurs — Minister appeared first on Nigerian NewsDirect.

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