The Minister of State for Industry, Senator John Enoh, said the Bank of Industry (BOI) has disbursed a total of N1.3 trillion to micro, small and medium enterprises nationwide to boost the operations and contribute about 84 per cent to the country’s total employment.
A statement from the Federal Ministry of Industry, Trade and Investment stated that the minister disclosed this during his participation at the 2025 edition of the Global Entrepreneurship Congress and the high-level Startup Nations Ministerial, held in Indianapolis, United States.
At the congress, Enoh reaffirmed Nigeria’s commitment to entrepreneurship-led industrial transformation. He conveyed the greetings of President Bola Tinubu while addressing global ministers and innovation leaders at the ministerial plenary.
His address highlighted Nigeria’s strategic push to reposition micro, small and medium enterprises as the engine of economic diversification, job creation, and inclusive growth.
He was quoted as saying, “With over 39 million MSMEs contributing 84 per cent of Nigeria’s total employment, we are not merely supporting small businesses, we are investing in national resilience and the architects of our economic future.”
The statement further stated that the “minister showcased Nigeria’s robust reforms under the Nigeria Startup Act, the development of industrial hubs across states, and the roll-out of strategic interventions such as the Syndicated De-risked Loan Scheme, N1.3trn in MSME disbursements through the BOI, and SMEDAN’s ecosystem-building efforts including solarized innovation centres and digital enterprise programmes.”
The minister also spotlighted Nigeria’s digital ascendancy, referencing the global success of Nigerian startups like Flutterwave, now valued at over $3bn, as a compelling example of what is possible when entrepreneurship, regulation and innovation intersect.
Beyond the plenary, Enoh led Nigeria’s delegation in a series of bilateral meetings with key global institutions and counterparts, including UNCTAD, on MSME competitiveness and innovation partnerships, and OECD, on metrics and policy benchmarking for Nigeria’s industrial ecosystem.
The statement stated that he held meetings with Ministries of Industry and Trade from Algeria, Brazil and Indonesia, to deepen South-South cooperation and explore joint SME development frameworks
