KEY POINTS
- Nigeria’s 75 billion naira manufacturing fund went to 104 businesses.
- Another 65.8 billion naira reached 15,018 MSMEs.
- Oduwole says access to finance remains a major hurdle for manufacturers.
Nigeria’s federal government has fully disbursed its 75 billion naira manufacturing fund to 104 businesses and paid 65.8 billion naira to 15,018 micro, small and medium-sized enterprises.
Jumoke Oduwole, the minister of industry, trade and investment, disclosed the figures in a speech on harnessing Nigeria’s economic potential. She said the support aims to strengthen local industry, lift productive capacity and drive sustainable growth.
Both payouts fall under a 200 billion naira intervention package managed by the Bank of Industry. The package includes a 50 billion naira grant scheme for nano businesses, a 75 billion naira MSME fund and the 75 billion naira manufacturing fund. The disbursement figures were current as of the first quarter of 2026, according to the minister.
Manufacturing fund judged by results
Still, Oduwole said the money alone is not the measure of success. Instead, she argued, the impact should show up in stronger businesses, higher output and better livelihoods.
She also acknowledged that access to finance remains a major hurdle for manufacturers trying to buy equipment and raw materials, expand capacity and hire workers.
Beyond financing, she said Nigeria’s economic turnaround depends on fiscal discipline, monetary stability and policies that back domestic production and competitiveness. So the government is working to remove barriers to investment, production and trade, she added.
Cement, vehicles and cassava lead growth
Meanwhile, the minister pointed to gains in key industries. Cement manufacturing grew 11.53% in the first quarter of 2026, while motor vehicle assembly expanded 5.44%.
Vehicle assembly also jumped 40.6% in 2025, she said, and cassava starch production surged 474.74%.
Turning locally grown cassava into industrial starch will support manufacturers, Oduwole said, while vehicle assembly will create openings for engineers, technicians and supply chain businesses.
She also highlighted opportunities under the African Continental Free Trade Area, noting that trade among African countries had grown 21%.
