Two years after President Bola Ahmed Tinubu’s administration pledged a ₦200 billion intervention fund to bolster Nigeria’s struggling manufacturing sector and micro, small, and medium-sized enterprises (MSMEs), the initiative has largely failed to meet expectations, according to an investigation by the International Centre for Investigative Reporting (ICIR).
Though the disbursement of ₦50,000 grants to nano businesses commenced in April 2024, stakeholders argue that the major component of the initiative – the credit facilities for MSMEs and manufacturers – has yet to make a tangible impact, with bureaucratic bottlenecks and discrepancies in fund allocation fuelling frustration.
Originally announced during a national broadcast on 31 July 2023 in response to the economic strain caused by the petrol subsidy removal and currency unification, the programme promised ₦75 billion in loans to 75 manufacturers and ₦125 billion to energise MSMEs, which the president described as “drivers of growth.”
President Tinubu had assured that each manufacturer could access up to ₦1 billion in credit at nine percent interest per annum, with repayment terms of 60 months for long-term loans and 12 months for working capital.
However, it wasn’t until 22 April 2024 that the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, officially launched the programme, though with the MSME allocation now reportedly reduced to ₦75 billion.
Despite this launch, major trade associations, including the Manufacturers Association of Nigeria (MAN), the Association of Small Business Owners of Nigeria (ASBON), and the Association of Micro-Entrepreneurs of Nigeria (AMEN), have said their members remain unaware of any disbursements under the flagship loan schemes.
ASBON President Femi Egbesola told ICIR, “Some of our members were able to get that ₦50,000. But the question is, in today’s economy, what can the ₦50,000 do for a business?” – adding that thousands who applied for the proposed ₦5 million loans have received nothing.
AMEN’s national president, Saviour Iche, echoed this dismay, arguing that “The information is in the public domain to deceive the gullible Nigerians,” and questioning who truly benefits when even association leaders remain in the dark.
As stakeholders await transparency and clarity, the intervention fund’s original vision – to spur productivity, accelerate structural transformation, and generate jobs – remains largely unrealized almost halfway through Tinubu’s term.
ICIR
