BOI disbursements to MSMEs hit N1.3tn – Minister
The Bank of Industry has so far disbursed about N1.3tn to micro, small, and medium enterprises nationwide to boost the operations of these entities that contribute about 84 per cent to the country’s total employment, the Minister of State for Industry, Senator John Enoh, has said.
A statement from the Federal Ministry of Industry, Trade and Investment on Thursday stated that the minister disclosed this during his participation at the 2025 edition of the Global Entrepreneurship Congress and the high-level Startup Nations Ministerial, held in Indianapolis, United States.
At the congress, Enoh reaffirmed Nigeria’s commitment to entrepreneurship-led industrial transformation. He conveyed the greetings of President Bola Tinubu while addressing global ministers and innovation leaders at the ministerial plenary.
His address highlighted Nigeria’s strategic push to reposition micro, small, and medium enterprises as the engine of economic diversification, job creation, and inclusive growth.
He was quoted as saying, “With over 39 million MSMEs contributing 84 per cent of Nigeria’s total employment, we are not merely supporting small businesses, we are investing in national resilience and the architects of our economic future.”
The statement further stated that the “minister showcased Nigeria’s robust reforms under the Nigeria Startup Act, the development of industrial hubs across states, and the roll-out of strategic interventions such as the Syndicated De-risked Loan Scheme, N1.3tn in MSME disbursements through the BOI, and SMEDAN’s ecosystem-building efforts including solarized innovation centres and digital enterprise programmes.”
The minister also spotlighted Nigeria’s digital ascendancy, referencing the global success of Nigerian startups like Flutterwave, now valued at over $3bn, as a compelling example of what is possible when entrepreneurship, regulation, and innovation intersect.
Beyond the plenary, Enoh led Nigeria’s delegation in a series of productive bilateral meetings with key global institutions and counterparts, including UNCTAD, on MSME competitiveness and innovation partnerships, and OECD, on metrics and policy benchmarking for Nigeria’s industrial ecosystem.
The statement stated that he held meetings with Ministries of Industry and Trade from Algeria, Brazil, and Indonesia, to deepen South-South cooperation and explore joint SME development frameworks
“These engagements underscore Nigeria’s leadership in shaping Africa’s voice on global entrepreneurship, while forging alliances to access technical support, capacity-building programmes, and cross-border investment opportunities,” the ministry stated.
It reiterated its commitment to partnering with global allies to empower MSMEs, unlock digital trade opportunities, and catalyse industrial advancement.
“Under the leadership of President Bola Tinubu, Nigeria is ready to scale new heights in positioning entrepreneurship as a cornerstone of its economic renaissance,” it stated.
