The Federal Government says it has captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database as part of efforts to strengthen industrial development and improve business support.
Minister of Industry, Trade and Investment Jumoke Oduwole disclosed this at the 17th National Council on Industry, Trade and Investment in Enugu, saying the database would provide reliable information for designing targeted interventions and improving access to finance.
She said the initiative is part of broader efforts under the Renewed Hope Agenda to attract investment, expand non-oil exports and build a more competitive economy.
Nigeria has more than 40 million MSMEs, according to available estimates, with the sector contributing about 48% of gross domestic product and accounting for 86% of employment. However, businesses continue to face challenges including inflation, unreliable power supply and a credit gap estimated at N13 trillion.
Oduwole said the government has facilitated more than $50 billion in foreign direct investment commitments, recorded $6.1 billion in non-oil exports and disbursed more than N600 billion through the Bank of Industry to support businesses.
She added that nearly 300,000 Nigerians have benefited from government-backed skills development programmes aimed at improving workforce capacity and productivity.
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