The Federal Government has disbursed the entire N75bn Manufacturing Sector Fund to 104 businesses, while 15,018 micro, small and medium enterprises have received N65.8bn to support domestic production, business expansion and job creation.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this in an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity”.
Oduwole said the interventions were aimed at strengthening local industries, increasing productive capacity and promoting sustainable economic growth.
The funds were disbursed under the Federal Government’s N200bn intervention package, managed by the Bank of Industry, to support businesses, stimulate domestic production and generate employment.
The package comprises the N50bn Presidential Conditional Grant Scheme for nano businesses, the N75bn FGN MSME Intervention Fund for micro, small and medium-sized enterprises, and the N75bn FGN Manufacturing Sector Fund for manufacturing businesses.
Oduwole said the N75bn Manufacturing Sector Fund had been fully disbursed to 104 manufacturing businesses, while N65.8bn had gone to 15,018 enterprises under the MSME Intervention Fund as of the first quarter of 2026.
She stressed that the success of government funding should be assessed based on its impact on business growth, production levels and livelihoods, rather than the volume of funds disbursed.
The minister acknowledged that access to finance remained a major obstacle for manufacturers seeking to acquire equipment, procure raw materials, expand production capacity and generate employment.
Highlighting growth in the manufacturing sector, Oduwole said cement production increased by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly grew by 5.44 per cent during the period. She added that vehicle assembly recorded a 40.6 per cent increase in 2025, while cassava starch production surged by 474.74 per cent.
“Processing locally grown cassava into industrial starch will support manufacturers, while vehicle assembly will create opportunities for engineers, technicians and supply-chain businesses,” she said.
