• About Us
  • Contact Us
  • Privacy & Policy
Wednesday, July 2, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Nigeria Launches $10 Billion Global Fund to Boost MSMEs

Vincent Amadi by Vincent Amadi
October 4, 2024
in Economy
Reading Time: 4 mins read
A A
0
Nigeria Launches $10 Billion Global Fund to Boost MSMEs
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

The federal government has recently revealed its plans to roll out a $10 billion global investment fund aimed at stimulating growth and development in Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) sector.

The announcement was made by Dr. Doris Uzoka Anite, the Minister of Industry, Trade, and Investment, during the 2024 National MSME Conference in Abuja, which carried the theme, “GROW Nigeria: Sustaining a Digital and Innovative Driven Economy.”

In her speech, Dr. Anite emphasized that the $10 billion global investment fund will serve as an equity funding initiative designed to boost innovation and provide much-needed capital to MSMEs.

This initiative is part of the federal government’s broader strategy to support MSMEs, which are critical to Nigeria’s economic development.

She highlighted that the government is acutely aware of the financial challenges faced by MSMEs and is working to address this issue through several innovative funding mechanisms.

“As part of efforts to drive growth and development of MSMEs, we are launching a $10 billion global investment fund which is an equity funding that will stimulate innovation and fund capital,” the minister stated.

She further explained that the government has set aside a N200 billion Presidential Loans and Grant Scheme to provide easier access to finance, acknowledging that one of the most significant barriers to MSME success in Nigeria has been access to funding.

In addition to financial support, the minister also stressed the importance of building robust infrastructure, both physical and digital, for a thriving economy.

According to her, expanding access to high-speed internet, introducing 5G networks, and leveraging cloud technologies will be critical in allowing Nigerian MSMEs to integrate into the global digital marketplace.

She shared that Nigeria is now set to benefit from the Joint World Trade Organization-World Bank Digital Trade for Africa (DTA) project, which will support the country’s efforts in improving digital connectivity infrastructure and digitalization in both the public and private sectors.

“To this effect, my Ministry has secured the support of the Joint WTO-World Bank Digital Trade for Africa (DTA) project where Nigeria will be supported with digital connectivity infrastructure, digitalization across the public and private sectors in Nigeria, and the development of policies, strategies and tools to enhance Nigeria’s connectivity to the digital world,” she stated, underscoring how these technological advancements will bolster MSME participation in the global economy.

The government is also actively working to improve the ease of doing business for MSMEs. As part of these efforts, Dr. Anite noted that the Corporate Affairs Commission (CAC) now offers 24-hour business registration services for MSMEs, in partnership with companies like Moniepoint.

She announced that more than three million businesses have already been registered through this streamlined process, making it easier for small enterprises to formalize their operations and access various government and private sector resources.

Charles Odii, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), also spoke at the event, shedding light on the need for capacity building and mentorship alongside financial support.

He pointed out that while financing remains a core challenge for MSMEs, many small businesses also struggle with a lack of access to mentors and capacity development programs.

To address these issues, SMEDAN has partnered with the German international development agency GIZ to implement rapid capacity-building programs across Nigeria.

“Therefore we commenced rapid capacity building in partnership with GIZ and also through the One Local Government, One Product initiative, we are giving interest-free loans to MSMEs through cooperatives,” Odii explained.

He further shared that the GROW (Guidance Resources Opportunities Workforce Support) initiative has been a critical tool in helping small businesses gain access to finance, including partnerships with financial institutions such as the Bank of Industry (BoI) for N1 billion and Sterling Bank for N5 billion.

SMEDAN has also secured partnerships with state governments like Enugu and Katsina, which have provided N1 billion each to support MSMEs within their jurisdictions.

President Bola Ahmed Tinubu, represented at the event by the Secretary to the Government of the Federation, Senator George Akume, emphasized the government’s commitment to ensuring that MSMEs remain central to Nigeria’s economic agenda.

He reiterated that the government is aligning its Ministries, Departments, and Agencies (MDAs), along with state-level stakeholders, to harmonize their efforts and ensure that MSMEs receive the priority they deserve.

“Government is working to ensure that all MDAs of the federal government, as well as state stakeholders, are better aligned and their efforts harmonized to prioritize MSMEs which are the key to unlocking Nigeria’s economic potential,” said President Tinubu, underscoring the central role that MSMEs play in driving economic growth and development in the country.

Through the combined efforts of the federal government, private sector collaborations, and international partnerships, the government hopes that these initiatives will not only lead to an increase in MSME growth but also spur job creation, stimulate innovation, and ultimately drive Nigeria’s broader economic development in the coming years.

With the upcoming $10 billion global investment fund and other supportive measures in place, Nigeria’s MSME sector is positioned to make significant strides towards sustainable growth and development.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

5 days ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

2 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism
International

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

14 hours ago
President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit
International

President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

15 hours ago
Mahmuda Terror Group Forms Parallel Government in Kwara Forests, Imposes Laws and Collects Zakat
National

Mahmuda Terror Group Forms Parallel Government in Kwara Forests, Imposes Laws and Collects Zakat

15 hours ago
2027 election: `Democracy must reflect will of the people` Peter Obi warns
National

Peter Obi Pledges One-Term Presidency, Rules Out Atiku Joint Ticket for 2027

15 hours ago
Dangote Refinery Begins Distribution of Petrol Nationwide
National

Dangote Refinery reduce petrol price from N880 to N840

15 hours ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget
National

Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget

16 hours ago

POLITICS

PDP Governors Under Pressure to Join APC Ahead of 2027 — Ologbondiyan

PDP Governors Under Pressure to Join APC Ahead of 2027 — Ologbondiyan

15 hours ago
PDP Crisis: PDP Confirms Samuel Anyanwu as National Secretary

PDP Reaffirms Anyanwu as National Secretary, Shifts National Convention to July

15 hours ago
Akpobari Declares Sole Administrator Role Dead After Wike, Fubara Reconciliation

Akpobari Declares Sole Administrator Role Dead After Wike, Fubara Reconciliation

2 days ago
APC Confirms Incoming Defections from Governors of Bayelsa, Rivers, Kano, Others

APC Confirms Incoming Defections from Governors of Bayelsa, Rivers, Kano, Others

2 days ago
David Mark emerges coalition’s ADC interim national chairman

David Mark emerges coalition’s ADC interim national chairman

2 days ago
Peter Obi urges Northern leaders to invest in education to tackle poverty

2027 elections: Coalition to reveal adopted party this week

2 days ago

YOUR ECONOMY

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

5 days ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

2 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

2 weeks ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

3 weeks ago

E & P

Luis Enrique: We Can’t Stop Messi Without a Collective Effort
Sports

Luis Enrique: We Can’t Stop Messi Without a Collective Effort

by Steven Atogi
2 days ago
0

Paris Saint Germain (PSG) will face Inter Miami tonight in the highly anticipated Club World Cup match. PSG coach Luis...

Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

4 days ago
Chiamaka Nnadozie Joins Brighton Women FC from Paris FC

Chiamaka Nnadozie Joins Brighton Women FC from Paris FC

4 days ago
Breaking: NAPTIP declares Speed Darlington wanted

Breaking: NAPTIP declares Speed Darlington wanted

4 days ago
Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

6 days ago
MultiChoice Slashes DStv Decoder Price by 50%

MultiChoice Slashes DStv Decoder Price by 50%

7 days ago

YOUR THOUGHT & HISTORY

Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
4 days ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
6 days ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
6 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
7 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

July 1, 2025
President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

July 1, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address