Nigeria pays 75 billion naira to 104 manufacturers and 65.8 billion to 15,018 SMEs
By the AFREEQUE newsroom, based on Vanguard
Illustrative image · Kings Studio · Pexels · Licence PexelsThe Nigerian government has paid out the full 75 billion naira fund for manufacturing businesses, benefiting 104 companies, and 65.8 billion naira to 15,018 small and medium-sized enterprises. The support, administered by the Bank of Industry, is intended to boost local production and employment, according to Industry, Trade and Investment Minister Jumoke Oduwole.
The Nigerian federal government has fully disbursed the 75 billion naira fund for the manufacturing sector to 104 industrial businesses, Industry, Trade and Investment Minister Jumoke Oduwole announced. It also paid out 65.8 billion naira to 15,018 micro, small and medium-sized enterprises in the first quarter of 2026, according to Vanguard.
The funding is part of a 200 billion naira federal intervention programme managed by the Bank of Industry, Nigeria’s public industrial financing bank. The package also includes a conditional grant of 50 billion naira for nano businesses and a 75 billion naira fund for micro, small and medium-sized enterprises.
Jumoke Oduwole said the effectiveness of the support should be measured by stronger businesses, increased production and improved incomes, rather than solely by the amount distributed. She acknowledged, however, that access to financing remained difficult for purchasing equipment and raw materials, expanding capacity and creating jobs.
The minister said cement production had risen by 11.53% in the first quarter of 2026 and vehicle assembly by 5.44% over the same period. Vehicle assembly grew by 40.6% in 2025, while cassava starch production rose by 474.74%, according to Vanguard.
