In a major boost for Nigeria’s small business landscape, over 827,000 Micro, Small, and Medium Enterprises (MSMEs) have benefitted from federal government initiatives in 2024 alone. This was revealed by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, during a conference in Abuja.
The announcement came at the 2025 International Women’s Day event hosted by the Nigerian Association of Small and Medium Enterprises (NASME) under the theme “Accelerate Action” and the sub-theme “Step-Up, Impact Her, Change the World.” The event brought together women entrepreneurs, policymakers, business leaders, and development partners to explore practical steps toward women’s economic empowerment.
Expanding MSME Support Nationwide
Adekunle-Johnson highlighted the government’s efforts to scale MSME infrastructure, especially through shared facility hubs equipped with world-class machinery for fashion, agriculture, manufacturing, and more.
“Last year, Mr. President announced 10 shared facility hubs. By the end of this year, we’re targeting another 8 to 10. That’s nearly 20 fully equipped hubs nationwide supporting thousands of entrepreneurs,” he said.
These hubs offer reliable electricity and professional equipment, enabling entrepreneurs to work full days at minimal cost.
“Instead of paying ₦10,000 elsewhere, entrepreneurs can use our equipment for ₦1,000 per day—working up to eight hours,” he added. “On average, each facility can support between 150 and 200 entrepreneurs daily.”
New Initiatives for Sustainable Growth
Looking ahead, Adekunle-Johnson disclosed two major initiatives launching in May 2025:
-
A risk-sharing fund designed to make SME loans more accessible and reduce lender risks.
-
Expanded partnerships with state governments and commercial banks to lower interest rates, currently as high as 28–30%, making financing more affordable for entrepreneurs.
He also hinted at cold storage facilities being developed in seafood-producing communities, aiming to reduce spoilage and enhance supply chain efficiency in the agriculture sector.
Women Leaders Demand More Than Promises
During the event, Beatrice Gangkero Benjamin, NASME’s National Women Coordinator, emphasized the need for actionable support tailored to women-led businesses.
“Policies are not enough. We need real implementation—solutions that consider the unique challenges women face, especially in rural communities. Let’s go beyond talk and address issues like electricity, internet access, collateral, and finance,” she urged.
NASME President Dr. Abdulrashid Yerima echoed the call for inclusive and gender-responsive strategies.
“This year’s theme reminds us that intentions must be backed by action. It’s time we build strong support systems—from mentorship and finance to policies that genuinely empower women-led SMEs,” Yerima said.
Bottom Line: With over 827,000 SMEs empowered, new hubs on the horizon, and innovative financing initiatives set to launch, Nigeria’s MSME sector is gaining momentum. But stakeholders agree—the real measure of success lies in turning policies into practical, life-changing solutions, especially for women entrepreneurs leading the charge in local economies.
