The Minister of State for Industry, Senator John Enoh, has announced that the Bank of Industry (BOI) has released a total of ₦1.3 trillion in funding to micro, small, and medium enterprises (MSMEs) across the country. This strategic initiative aims to strengthen business operations and reinforce their vital role in Nigeria’s job market, where MSMEs are responsible for roughly 84% of total employment.
According to a release from the Federal Ministry of Industry, Trade and Investment, Enoh made this announcement while attending the 2025 Global Entrepreneurship Congress and the high-level Startup Nations Ministerial in Indianapolis, USA.
During his address at the ministerial plenary, Enoh emphasized Nigeria’s strong dedication to fostering industrial growth through entrepreneurship. He also conveyed warm regards from President Bola Tinubu to an international audience of ministers and innovation stakeholders.
Enoh outlined Nigeria’s renewed focus on leveraging MSMEs as a cornerstone for economic diversification, job creation, and inclusive development. “Nigeria is home to over 39 million MSMEs,” he noted. “They aren’t just small businesses—they are builders of economic resilience and our future prosperity.”
The minister also highlighted major reforms introduced under the Nigeria Startup Act, the establishment of industrial clusters across various states, and several targeted initiatives. These include the Syndicated De-risked Loan Scheme, BOI’s disbursement of ₦1.3 trillion to MSMEs, and ecosystem-strengthening programs by SMEDAN, such as solar-powered innovation centers and digital entrepreneurship platforms.
Citing the international success of companies like Flutterwave, now valued at over $3 billion, Enoh underscored Nigeria’s rapid digital growth. He described such examples as proof of what can be achieved through the synergy of innovation, policy, and entrepreneurial spirit.
In addition to the plenary, Senator Enoh led Nigeria’s delegation in several strategic bilateral engagements. These included meetings with major global organizations like the United Nations Conference on Trade and Development (UNCTAD) to discuss MSME innovation strategies and with the Organisation for Economic Co-operation and Development (OECD) on performance metrics for Nigeria’s industrial sector.
He also met with his counterparts from Algeria, Brazil, and Indonesia to strengthen South-South collaboration and examine shared frameworks for advancing small and medium-scale enterprise development.
