The Federal Government has disbursed the entire N75 billion Manufacturing Sector Fund to 104 manufacturing companies, while another N65.8 billion has gone to 15,018 Micro, Small and Medium Enterprises (MSMEs) to strengthen local production, support business expansion and generate employment.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this while delivering an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity”.
Oduwole explained that the financial interventions formed part of the Federal Government’s broader strategy to strengthen local industries, increase production capacity and promote sustainable economic development.
The funds were released under the government’s N200 billion intervention programme, administered by the Bank of Industry (BoI), to support businesses, stimulate domestic production and create jobs.
The intervention package consists of the N50 billion Presidential Conditional Grant Scheme for nano businesses, the N75 billion FGN MSME Intervention Fund for small businesses and the N75 billion FGN Manufacturing Sector Fund for manufacturing companies.
The minister confirmed that the entire N75 billion manufacturing fund had been released to 104 businesses, while N65.8 billion had been allocated to 15,018 enterprises under the MSME Intervention Fund as of the first quarter of 2026.
However, she emphasised that the success of the interventions should not be determined solely by the amount of money released but by improvements in business performance, production levels and people’s living conditions.
Oduwole identified limited access to financing as one of the major challenges confronting manufacturers, particularly those seeking to acquire machinery, source raw materials, increase production and employ more workers.
She maintained that achieving Nigeria’s economic transformation would require fiscal discipline, monetary stability and policies capable of strengthening local production and improving competitiveness.
According to her, the Federal Government is taking steps to eliminate obstacles to investment, manufacturing and trade while establishing a favourable business environment for enterprises to grow.
Providing an update on the manufacturing sector, Oduwole revealed that cement production recorded an 11.53 per cent increase in the first quarter of 2026, while motor vehicle assembly grew by 5.44 per cent within the same period.
She added that vehicle assembly recorded a 40.6 per cent expansion 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.
The minister also drew attention to opportunities presented by the African Continental Free Trade Area (AfCFTA), disclosing that intra-African trade had increased by 21 per cent.