The Federal Government has disbursed the entire N75 billion allocated to its Manufacturing Sector Fund to 104 manufacturing businesses, while another N65.8 billion has been released to 15,018 micro, small and medium enterprises under its intervention programme.
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.”
She explained that the financial interventions were designed to strengthen local industries, expand business operations, increase domestic production and generate employment opportunities.
The disbursements were made under the Federal Government’s N200 billion intervention package, administered by the Bank of Industry, to support businesses and stimulate economic activities.
The programme consists of three components: the N50 billion Presidential Conditional Grant Scheme for nano businesses, the N75 billion FGN MSME Intervention Fund and the N75 billion FGN Manufacturing Sector Fund.
According to Oduwole, the Manufacturing Sector Fund has been completely disbursed to 104 beneficiaries, while N65.8 billion had been released to 15,018 businesses under the MSME Intervention Fund as of the first quarter of 2026.
The minister, however, maintained that the success of the intervention should not be determined solely by the amount of money released but by its ability to strengthen businesses, increase production and improve living conditions.
She identified access to affordable financing as one of the major challenges confronting manufacturers, particularly businesses seeking to purchase equipment, obtain raw materials, expand production facilities and employ more workers.
Oduwole said Nigeria’s economic transformation would require fiscal discipline, monetary stability and policies capable of supporting local production and improving competitiveness.
She added that the government was working to eliminate obstacles to investment, manufacturing and trade while creating an environment that would encourage businesses to grow.
Providing an update on manufacturing performance, the minister disclosed that cement production recorded an 11.53 per cent growth in the first quarter of 2026, while motor vehicle assembly increased by 5.44 per cent during the same period.
She further noted that vehicle assembly expanded by 40.6 per cent in 2025, while cassava starch production recorded a significant growth of 474.74 per cent.
According to her, processing locally produced cassava into industrial starch would provide valuable raw materials for manufacturers, while increased vehicle assembly would create employment opportunities for engineers, technicians and businesses within the supply chain.
The minister also highlighted the opportunities available under the African Continental Free Trade Area, AfCFTA, revealing that trade between African countries had increased by 21 per cent.
Source: Vanguard
