The Federal Government says it has registered more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database to support industrial development, improve policy formulation and strengthen Nigeria’s competitiveness in regional and international markets.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this during the 17th National Council on Industry, Trade and Investment in Enugu, where she reiterated the government’s commitment to industrialisation, investment promotion and the expansion of non-oil exports under the Renewed Hope Agenda.
According to Oduwole, the database will provide reliable information to help government develop targeted policies, improve access to finance and support the growth of small businesses. She said the initiative is part of broader efforts to build a more inclusive and competitive economy.
She noted that Nigeria has more than 40 million MSMEs, many of which operate in the informal sector. The businesses contribute about 48 per cent of the country’s Gross Domestic Product (GDP) and account for 86 per cent of national employment. However, the sector continues to face an estimated ₦13 trillion financing gap, alongside challenges such as inflation, inadequate electricity supply and heavy dependence on personal savings.
Highlighting recent milestones, the minister said Nigeria has secured over $50 billion in Foreign Direct Investment (FDI) commitments, recorded $6.1 billion in non-oil exports and disbursed more than ₦600 billion through the Bank of Industry (BoI) to support businesses in key sectors.
She also revealed that nearly 300,000 Nigerians have benefited from government-backed skills development programmes aimed at improving workforce capacity and increasing industrial productivity.
Oduwole said these achievements reflect progress toward the administration’s target of building a $1 trillion economy through increased production, investment, exports and job creation.
She added that the ministry will continue to focus on developing industrial clusters, expanding manufacturing capacity, attracting investments, promoting digital trade and implementing the National Single Window to reduce the cost of doing business.
The minister also stressed the importance of stronger intellectual property protection and greater participation in the African Continental Free Trade Area (AfCFTA) to improve Nigeria’s export competitiveness and create more opportunities for local businesses across the continent.
She urged agencies under the ministry to ensure that resolutions reached at the council meeting are implemented with clear responsibilities, timelines and measurable performance targets.
