Govt Unveils N75bn Intervention Fund For Small–Scale Businesses

Federal government has unveiled a ₦75 billion Micro, Small and Medium Enterprises (MSME) Intervention Fund to accelerate the growth of small entrepreneurs across Nigeria.

Vice President Kashim Shettima said it was part of President Bola Ahmed Tinubu’s commitment to building a vibrant, inclusive and innovation-driven economy.

At the 9th Expanded National MSME Clinic held in Katsina, Shettima said the new fund, administered through the Bank of Industry (BoI), would provide loans of up to ₦5 million each to 75,000 small and medium-scale businesses at 9 per cent annual interest.

“The ₦75 billion MSME Intervention Fund represents President Tinubu’s determination to unlock the full potential of Nigeria’s entrepreneurs. We are building an economy where ideas, not connections, determine success. Every hardworking business owner deserves access to affordable finance and a fair chance to grow,” Shettima said

He said the government had also launched a ₦50 billion Presidential Conditional Grant Scheme, offering ₦50,000 each to one million nano businesses in Nigeria’s 774 local government areas, alongside other ongoing programmes to stimulate enterprise development.

The Vice President said outstanding MSME exhibitors in Katsina would each receive an unconditional ₦250,000 grant approved by President Tinubu to support their innovation and resilience.

Highlighting Katsina’s growing role as an enterprise hub, Shettima said over 39,000 MSMEs in the state have benefitted from ₦2.5 billion in federal interventions. Also, 23 rural enterprises accessed ₦112 million under the Rural Area Programme on Investment for Development.

Shettima commended Governor Dikko Umaru Radda for establishing the Katsina State Enterprise Development Agency (KASEDA), describing it as “a blueprint for how subnational governments can mainstream MSME growth into governance.”

The VP explained that the partnership between the federal government and Katsina State had yielded results, including the ₦5 billion Katsina MSME Growth Fund launched in June 2024, which has disbursed ₦576 million to 237 beneficiaries.

In his remarks, Governor Radda said his administration fully aligns with the federal government’s vision. It has created a ₦5.5 billion MSME Fund, with ₦1 billion disbursed to 701 businesses across the state.

“Our MSME ecosystem is now driven by data, innovation and collaboration. We have completed the MSME census and cluster mapping, developed a five-year strategic plan and established common facility centres in fashion, leather, and food processing. Katsina is ready for industrial takeoff,” Radda said.

Radda announced a six-month post-event mentorship and business tracking programme for all MSME Clinic participants, noting that over 100,000 entrepreneurs have been supported through KASEDA since 2023.

He pledged that the state would continue to work with agencies like SMEDAN, BoI, National Information Technology Development Agency (NITDA), Nigerian Export Promotion Council (NEPC), Standards Organisation of Nigeria (SON), Federal Inland Revenue Service (FIRS) and Corporate Affairs Commission (CAC) to ensure entrepreneurs receive certification, access to finance and continuous capacity-building.

Over 500 exhibitors and dozens of federal and private agencies, including the Bank of Industry, Access Bank, Wema Bank, SMEDAN, NEXIM Bank, NEPC, NITDA and SON participated in the event, providing on-the-spot solutions to business owners.

Among the dignitaries at the event were minister of Housing and Urban Development Ahmed Dangiwa, speaker of the State House of Assembly Nasir Yahaya Daura, former governors Shehu Shema and Aminu Bello Masari.