₦75bn approved by FG for MSMEs yet to be accessed after 2 years — Minister Enoh

—As MSME CEO Forum moves to unlock financial challenges for small businesses

By Johnbosco Agbakwuru

ABUJA — The Minister of State for Industry, Senator John Owan Enoh, has expressed concern that the ₦75 billion intervention fund allocated by President Bola Tinubu for Micro, Small and Medium Enterprises (MSMEs) remains unaccessed nearly two years after its approval.

This revelation came as the MSME Finance CEO Forum and Awards initiative, a national platform committed to driving innovation and financial access for small and medium enterprises, signaled its readiness to collaborate with the government to ease financial constraints facing small businesses.

Speaking during a meeting with the MSME Finance CEO Forum and Awards delegation led by CEO Jude Ndu, the Minister highlighted that MSMEs are the foundation of economic development.

“MSMEs are critical — the pulse and even more than the backbone of the economy. Unfortunately, for decades, they have not been given sufficient attention,” he lamented.

Acknowledging the sector’s importance, the government established the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), which falls under his ministry’s supervision, to spearhead MSME growth.

Enoh also disclosed the creation of a financing forum aimed at addressing his mandate to facilitate MSME access to funds.

“We have a sum of ₦75 billion set aside as part of the presidential intervention fund for MSMEs. It’s nearly two years now, yet that money remains largely unaccessed—not because institutions have delayed processes, but because even those pre-qualified are unable to complete the required documentation,” he explained.

The Minister emphasized the need for financing models that address the informal sector, noting, “It’s not just about the big players in Abuja, Lagos, Port Harcourt or Kano. If you visit the hinterlands, you see people struggling daily to eke out a living. The question is, what kind of financing can be developed to meet their unique needs?”

He underscored the importance of affordable, long-term financing, referencing a recent technical session by the Industrial Revolution work group he set up, which focused on this thematic area.

“Our economy must become more productive through value addition and processing. This is the space the forum is being called to address,” he added.

Earlier in the meeting, Jude Ndu, CEO of the MSME Forum, said the visit aimed to explore strategic collaboration opportunities between the Ministry and banking partners to advance MSME development, industrial growth, and financial inclusion consistent with Federal Government priorities.

He formally invited Minister Enoh to be the Special Guest of Honour at the upcoming MSME Finance CEO Forum & Awards. Ndu highlighted that the Forum, now in its 5th year, serves as a convergence point for policymakers, financial institutions, and MSME stakeholders, with Access Bank and Keystone Bank as lead partners.

“We seek to create a strong public-private platform that unlocks MSME potential for job creation and industrialization,” Ndu said.

Representatives from Access Bank and Keystone Bank, major players in MSME financing, were also part of the delegation.

The post ₦75bn approved by FG for MSMEs yet to be accessed after 2 years — Minister Enoh appeared first on Vanguard News.