NIP 2025: FG positions small businesses as engine of industrialisation
The Federal Government has positioned Micro, Small and Medium Enterprises (MSMEs) as the biggest beneficiaries of the Nigeria Industrial Policy (NIP) 2025, with a package of low-cost financing, preferential government procurement, industrial clusters and digital transformation initiatives aimed at accelerating industrial growth and reducing the country’s dependence on imports.
The policy also provides for the expansion of Technology Business Incubator Centres (TBICs) to support innovation, entrepreneurship and technology adoption, while strengthening the Small and Medium Enterprises Development Agency of Nigeria’s (SMEDAN) business advisory and extension services.
The policy further seeks to unlock bank lending to small businesses through strengthened credit guarantee schemes, while sustaining intervention programmes such as the N75 billion Federal Government MSME Intervention Fund and the N50 billion Presidential Conditional Grant Scheme.
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