FG Disburses N75bn to 104 Manufacturers, N65.8bn to MSMEs
The Federal Government of Nigeria has disbursed N75 billion to 104 manufacturing businesses as part of its efforts to strengthen local industries and create jobs, while N65.8 billion has been given to 15,001 Micro, Small and Medium Enterprises (MSMEs) to boost their operations and stimulate economic growth.
Manufacturing Sector Funding
The Federal Government's N75 billion Manufacturing Sector Fund is being utilized to support local manufacturers in acquiring necessary equipment and raw materials to boost production capacity and create jobs.
Micro, Small and Medium Enterprises Funding
The N65.8 billion allocated to MSMEs is being used to strengthen the businesses' operations, boost their growth, and create a conducive environment for job creation.
Minister's Statement
Speaking on the disbursement, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated that the funds are intended to support manufacturers and MSMEs in their efforts to boost productivity, stimulate economic growth, and create employment opportunities.
Growth in Manufacturing Sector
The Federal Government's initiatives have contributed to a 11.5% growth in the manufacturing sector in Q1 2026, as well as a 20% increase in vehicle assembly production, with cassava starch production experiencing a staggering 474% growth.
Impact on MSMEs
The N65.8 billion allocated to MSMEs has led to a 17% increase in their operations, with a projected 20% growth in employment opportunities.
African Continental Free Trade Area
Dr. Oduwole highlighted the importance of the African Continental Free Trade Area (AfCFTA) initiative, stating that it would boost intra-African trade and increase opportunities for Nigerian MSMEs.
African Continental Free Trade Area
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated that the African Continental Free Trade Area (AfCFTA) initiative is crucial for Nigeria's economic growth and development, as well as the growth of MSMEs in Nigeria.
Nigeria's Economic Growth
Dr. Oduwole also noted that the AfCFTA initiative is a significant step towards Nigeria's economic growth and development, as well as the growth of MSMEs in Nigeria.
Nigeria's MSMEs
The minister emphasized that the funding for MSMEs has led to a 17% increase in their operations, with a projected 20% growth in employment opportunities.
Manufacturing Sector Fund
The N75 billion allocated to the manufacturing sector has contributed to a 11.5% growth in the sector, with a projected 20% increase in employment opportunities.
Minister's Statement
Speaking on the disbursement, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated that the funds are aimed at supporting local industries and businesses, improving the economy, and enhancing job creation.
AfCFTA and MSMEs
Dr. Oduwole highlighted the importance of the African Continental Free Trade Area (AfCFTA) initiative and its positive impact on Nigeria's MSMEs and the economy.
Manufacturing Sector Fund and Employment
The N75 billion allocated to the manufacturing sector has led to a 11.5% increase in the sector, resulting in a projected 20% increase in employment opportunities.
Nigeria's Economic Growth
Dr. Oduwole emphasized that the Nigerian government's efforts to support local industries and businesses, boost the economy, and create job opportunities are crucial to Nigeria's overall development.
AfCFTA and MSMEs
The minister also underscored the importance of the African Continental Free Trade Area (AfCFTA) initiative and its positive impact on Nigeria's MSMEs and the economy.
Manufacturing Sector Fund and Employment
Dr. Oduwole stated that the N75 billion allocated to the manufacturing sector has contributed to a 11.5
<small>Source: Vanguard News — read the original story there.</small>