The Federal Government has fully disbursed the N75 billion Manufacturing Sector Fund to 104 manufacturing businesses and released N65.8 billion to 15,018 micro, small and medium enterprises (MSMEs) under its intervention programmes.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed the figures while speaking on “Harnessing Nigeria’s Economic Potential for Greater Prosperity.”She said the disbursements form part of the Federal Government’s N200 billion intervention package, managed by the Bank of Industry (BoI).
The package includes the N50 billion Presidential Conditional Grant Scheme for nano businesses, the N75 billion FGN MSME Intervention Fund, and the N75 billion FGN Manufacturing Sector Fund.
According to Oduwole, the entire N75 billion earmarked for manufacturers has been paid out to 104 firms, while N65.8 billion has so far been disbursed to 15,018 MSMEs as of the first quarter of 2026.The minister stressed that the success of the funding should be judged by stronger businesses, higher production levels and improved livelihoods, rather than by the volume of money released alone.
She noted that access to finance remains a major challenge for manufacturers seeking to buy equipment, secure raw materials, expand capacity and create jobs. Nigeria’s economic transformation, she added, depends on fiscal discipline, monetary stability and policies that promote domestic production and competitiveness.
Oduwole said the government is working to remove barriers to investment, production and trade while creating a more supportive environment for businesses.Highlighting recent sector performance, she reported that cement manufacturing grew by 11.53 per cent in the first quarter of 2026, while motor vehicle assembly expanded by 5.44 per cent.
Vehicle assembly grew by 40.6 per cent in 2025, and cassava starch production recorded a 474.74 per cent increase.She also pointed to opportunities under the African Continental Free Trade Area (AfCFTA), noting that intra-African trade has risen by 21 per cent.