Business
Stakeholders Laud FG’s MSMEs Clinic Initiative
Business stakeholders have commended the Federal Government for the initiative of Micro, Small and Medium Enterprises (MSMEs) enlightenment clinics across the country.
The stakeholders, who participated in the clinic, told newmen in Abuja that the session gave them the opportunity to interact with relevant business regulations.
The MSMEs clinic is an initiative of the Presidency and it is aimed at addressing problems of enterprises across Nigeria.
The clinic is to increase the efficiency of MSMES by providing solutions through time-saving approach.
Managing Director, Electrical-Control Devices, Mr Lawrence Nwachukwu, said that access to most of the business regulators had been one of the challenges faced by small business owners.
Nwachukwu said with the clinic, the regulators were available and ready to provide services that would be beneficial to MSMEs.
“Most times, it is difficult to have access to the regulators but with this clinic, it was very easy and so, we will only follow up,” he said.
He advised that for small business to grow properly, relevant authorities must be interested in Made-in-Nigeria products.
Nwachukwu said that although some of the products may not be up to standard, they should be encouraged through patronage, adding that whoever wanted integrity would produce good quality products.
“The truth is that business is all about integrity and good name,” he said.
Mr Auwal Ibrahim, Director, Solar Power System Limited, said that he was able to meet some financial companies that promised to assist in lifting his business.
Ibrahim said that the business clinic also created an opportunity for participants to meet prospective local and foreign buyers who would market the products internationally.
He said that the clinic was a good ground to empower players in the MSME sector, which in turn would help the country to achieve sustainable economic growth and development.
On her part, Mrs Halima Musa, a Shea Butter producer, said the clinic created a forum where business owners were sensitised on policies, programmes and initiatives designed by the Federal Government for supporting and encouraging MSMEs.
Musa called on the Federal Government to sustain its empowerment plan for the MSMEs in order to improve small businesses in the country.
“I tell you, MSMEs are the largest employers of labour in the country, and have the prospect of employing more if supported,” she said.
Musa added that small business owners faced the challenges of access to fund, multiple taxation, inefficient power supplies and lack of basic knowledge to start and run a good business.
According to her, the clinic was an indication that the Federal Government would give local manufacturers a sense of belonging.
A businesswoman, Ms Ngozi Okafor, advised that the Federal Government should carry out such clinics after five or six years to properly monitor the progress.
Okafor said that the initiative should not end as other government programmes, without follow-ups and monitoring.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.