FG to launch new SME loan initiative in collaboration with FCMB

In a significant move to boost small and medium-sized enterprises (SMEs) in Nigeria, the Federal Government has announced plans to launch a new initiative aimed at easing access to loans for small businesses.

The Minister of State for Industry, Trade, and Investment, Senator John Enoh, made the disclosure during the Renewed Hope Global Virtual Conference 2025, held on Sunday.

Recognizing the difficulties SMEs face in securing loans, particularly from commercial banks, Enoh revealed that the initiative would be launched in partnership with First City Monument Bank (FCMB).

“In the coming weeks, we expect to announce a collaboration that will enable thousands of small business owners to access funding more easily,” he stated.

The Minister reaffirmed the government’s commitment to improving financial access through the Bank of Industry (BOI), describing the institution as one of the country’s best-performing agencies.

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“The BOI has been instrumental in supporting businesses, but I recognize the hurdles many small enterprises face in accessing loans,” Enoh said.

“We are actively engaging with the BOI to streamline these processes and make funding more accessible.”

Beyond SME financing, Enoh emphasized the government’s broader commitment to industrial growth, export processing zones, and digital innovation to drive economic competitiveness.

While acknowledging that some targets in oil and gas processing zones have not been fully met, he assured that efforts were ongoing to ensure these zones contribute significantly to economic growth.

“Although we may not have achieved all our initial goals, this administration is focused on ensuring that our export processing zones operate efficiently and deliver value to the Nigerian economy,” he said.

To accelerate industrial growth, Enoh announced the creation of an Industrial Revolution Work Group, bringing together key stakeholders from both the public and private sectors.

“This initiative is currently being fine-tuned, and once fully operational, it will significantly advance Nigeria’s industrial sector,” Enoh noted.

The Minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, a $700 million funding program anchored in the BOI.

Supported by Afreximbank, the Islamic Development Bank, and a French financial institution, iDICE is designed to empower young innovators and creatives by providing:

“iDICE is a critical part of our strategy to foster innovation and entrepreneurship, positioning Nigeria as a global leader in the digital economy,” Enoh stated.

With these strategic interventions, the government aims to unlock new opportunities for entrepreneurs, boost industrial productivity, and drive long-term economic growth.