The Federal Government has unveiled plans for a new initiative aimed at easing access to loans for small and medium-sized enterprises (SMEs).
During the Renewed Hope Global Virtual Conference 2025, the Minister of State for Industry, Trade, and Investment, Senator John Enoh, revealed that the government will be collaborating with First City Monument Bank (FCMB) to streamline the loan disbursement process for micro and small enterprises across the country.
Senator Enoh acknowledged the challenges many SMEs face in obtaining financial support, particularly when dealing with commercial banks. He emphasized the government’s commitment to improving access to funding and fostering the growth of small businesses. “In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” he said, highlighting the role this partnership will play in simplifying loan access.
The Minister also reaffirmed the government’s dedication to enhancing financing opportunities for SMEs through the Bank of Industry (BOI), one of the country’s most effective financial institutions. He noted that while the BOI has been instrumental in supporting businesses, the government is actively working to streamline its processes to ensure even greater accessibility for small enterprises.
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Beyond improving financial access, the government is focused on broader initiatives to strengthen Nigeria’s economic competitiveness. Senator Enoh discussed plans to revitalize oil and gas processing zones, which, while not fully achieving all their initial goals, remain a key focus for enhancing industrial growth.
Additionally, to drive Nigeria’s industrial transformation, the government is establishing an Industrial Revolution Work Group. This task force will include key stakeholders from government agencies, private sector representatives, and major industry associations like the Manufacturers Association of Nigeria (MAN). Its aim is to tackle industrial challenges and accelerate the country’s industrial development.
