Government says new database will improve access to funding, strengthen policy planning and accelerate industrial growth…..
The Federal Government has registered more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database aimed at improving policy formulation, expanding access to finance and accelerating Nigeria’s industrial development.
The initiative was unveiled by the Minister of Industry, Trade and Investment, Jumoke Oduwole, during the 17th National Council on Industry, Trade and Investment held in Enugu, where she outlined the government’s strategy for boosting industrialisation, attracting investment and increasing non-oil exports under the Renewed Hope Agenda.
According to Oduwole, the database will provide government with reliable information on businesses across the country, enabling authorities to design targeted interventions, improve financing opportunities and support the growth of the MSME sector.
She described the initiative as a critical component of the administration’s broader economic reform agenda, aimed at building a more inclusive, competitive and investment-friendly economy.
Nigeria is estimated to have more than 40 million MSMEs, many of which operate in the informal sector. The businesses account for about 48 per cent of the country’s Gross Domestic Product (GDP) and 86 per cent of total employment, making them a key driver of economic activity.
Despite their contribution, the sector continues to face significant challenges, including an estimated ₦13 trillion financing gap, rising inflation, unreliable electricity supply and limited access to affordable credit, forcing many entrepreneurs to depend largely on personal savings to sustain their operations.
Highlighting the administration’s achievements, the minister said Nigeria has attracted more than $50 billion in Foreign Direct Investment (FDI) commitments, recorded $6.1 billion in non-oil exports, and facilitated the disbursement of over ₦600 billion through the Bank of Industry (BoI) to support businesses operating across critical sectors of the economy.
She also disclosed that nearly 300,000 Nigerians have benefited from government-backed skills development programmes designed to improve workforce capacity, enhance productivity and strengthen industrial competitiveness.
Oduwole said the milestones reflect steady progress toward the Federal Government’s ambition of building a $1 trillion economy through increased investment, higher industrial output, expanded exports and job creation.
Looking ahead, she said the ministry will continue to focus on developing industrial clusters, expanding local manufacturing, facilitating investment, promoting digital trade and implementing the National Single Window to simplify trade processes and reduce the cost of doing business.
The minister also identified stronger protection of intellectual property rights and deeper participation in the African Continental Free Trade Area (AfCFTA) as key priorities for improving Nigeria’s export competitiveness and helping local businesses access new markets across the continent.
She urged agencies under the ministry to ensure that resolutions reached at the council meeting are translated into concrete actions, with clearly defined responsibilities, implementation timelines and measurable performance targets.
Also speaking at the event, the Minister of State for Industry, John Enoh, reaffirmed the Federal Government’s commitment to implementing the Nigeria Industrial Policy 2025. He said the policy would prioritise affordable industrial financing, value addition, manufacturing expansion and stronger collaboration between the public and private sectors to drive sustainable industrial growth.
