In a major boost for small businesses, the Federal Government has announced plans to launch a groundbreaking initiative aimed at providing easier access to loans for Small and Medium Enterprises (SMEs) across Nigeria.
The Minister of State for Industry, Trade, and Investment, Senator John Enoh, disclosed this during the Renewed Hope Global Virtual Conference 2025 held on Sunday. He acknowledged the persistent challenges SMEs face in securing financial support, particularly from commercial banks, and revealed that the new initiative will be implemented in collaboration with First City Monument Bank (FCMB).
Simplifying Loan Access for SMEs
Speaking on the initiative, Senator Enoh emphasized the government’s commitment to empowering small businesses.
“In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” he stated. The partnership with FCMB aims to streamline loan disbursement, ensuring that micro and small enterprises nationwide can secure the financial support they need for growth and sustainability.
According to Enoh, the group is tasked with addressing industrial challenges and spearheading Nigeria’s transformation into a globally competitive manufacturing hub.
“This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” he concluded.
The new SME loan initiative and broader industrial strategies underscore the government’s commitment to fostering an enabling environment for businesses, ensuring that small enterprises play a pivotal role in Nigeria’s economic growth.
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