Economy
THE Federal Government is intensifying efforts to enhance industrial expansion, ease access to funding and drive digital innovation to boost Nigeria’s economic competitiveness.
The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, said during the Renewed Hope Global Virtual Conference 2025 on Sunday.
Enoh highlighted ongoing efforts to improve export processing zones, enhance loan accessibility, and establish an industrial revolution task force.
Addressing concerns about challenges faced by small businesses in securing loans, the minister reaffirmed the government’s commitment to easing financial access through the Bank of Industry (BOI).
“The BOI is one of our best-performing institutions, but I recognise the difficulties many small businesses face in meeting loan requirements, especially when dealing with commercial banks,” he said.
Enoh revealed ongoing discussions with the BOI to streamline loan access processes.
He also revealed an impending partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to micro and small enterprises across the country.
“In the coming weeks, we hope to announce a partnership that will enable thousands of small business owners to access funding more easily,” he added.
The minister acknowledged that while some targets in oil and gas processing zones had not been fully met, the government remained committed to ensuring these zones contributed significantly to Nigeria’s economic growth.
“Even though the goals may not have been met as initially intended, the focus of this administration is to ensure our export processing zones work efficiently and deliver value to the Nigerian people,” he said.
The minister announced the creation of an Industrial Revolution Work Group, comprising key industry stakeholders, government agencies, and private sector representatives, to drive industrial transformation.
“This workgroup is designed to function as a task force, bringing together agencies such as Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).
“Nigeria Association of Small and Medium Enterprises (NASME), the Ministry of Power, Finance, and Customs to address industrial challenges collectively,” he said.
He noted that the initiative was currently being fine-tuned, stressing that it would significantly advance Nigeria’s industrial sector, once fully operational.
The minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, domiciled in the BOI, as part of efforts to support Nigeria’s youth-driven digital and creative economy.
“iDICE is a 700 million dollar initiative backed by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution.
“Its goal is to empower young innovators and creatives, ensuring they have access to funding and support for business expansion.”
He restated the federal government’s commitment to fostering innovation and entrepreneurship to position Nigeria as a global leader in the digital economy. (NAN)
2nd February, 2025.
C.E.
Tags:
