Government Unveils Ambitious Plan to Boost MSMEs in 2026
The Federal Government has ramped up its efforts to boost the growth of Micro, Small, and Medium Enterprises (MSMEs) in 2026. This comes after a significant disbursement of $200 million to small businesses and exporters in 2025. The initiative is spearheaded by the Federal Ministry of Industry, Trade and Investment, which aims to launch a National MSME Census to enhance data accuracy and improve access to financial resources.
Strengthening Data and Targeted Incentives
The National MSME Census is a key component of the government’s strategy to replace estimates with verifiable data. This will provide a solid foundation for industrial planning, targeted incentives, and measurable outcomes. The census is identified as Priority 1 for 2026, under a broader reform agenda that emphasizes disciplined implementation, sub-national delivery, and closer integration of trade, investment, and industrial policy.
The Ministry’s Outlook 2026 highlights that over 115,000 MSMEs benefited from grants, loans, and trade finance interventions in the past year. These initiatives were supported by institutions such as the Bank of Industry (BOI), Nigerian Export-Import Bank (NEXIM), and the Nigerian Export Promotion Council.
A Turning Point for Nigeria’s Trade and Industrial Sector
Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, described 2025 as a turning point for Nigeria’s trade and industrial trajectory. She emphasized the importance of deliberate execution, renewed confidence, and a Nigeria First approach in building a credible export economy.
Under the Renewed Hope Agenda of President Bola Tinubu, the ministry focused on strengthening facilitation, coordination, and outcomes. This effort led to a significant increase in total capital importation, reaching approximately $21 billion in the first ten months of 2025—up from $12.3 billion in 2024 and $3.9 billion in 2023.
Economic Diversification and Trade Growth
Oduwole highlighted that the ministry curated a pipeline of over $5 billion in bankable projects, conducted more than 150 bilateral and investor engagements, and tracked over $50 billion in signed commitments from presidential engagements. About 25% of these commitments are progressing toward implementation.
On the trade front, Nigeria recorded total trade of N113.03 trillion in Q1–Q3 2025, with exports valued at N66.16 trillion—an increase of over 11% year-on-year. This sustained positive trade balance was attributed to several factors, including the gazetting of Nigeria’s AfCFTA tariff schedule, the launch of an air cargo corridor to East and Southern Africa, and targeted support to over 100 MSMEs for export certification and market readiness.
Non-oil exports exceeded $6 billion, representing an 11% year-on-year increase, while freight costs dropped by about 50%, and export processing times reduced to under 24 hours.
Accelerating Economic Diversification
Economic diversification accelerated under Priority 7 of the President’s Eight-Point Agenda. The repositioning of the Nigeria Commodity Exchange delivered over 500% growth in traded volumes and an 111% increase in traded value in 2025.
The minister also noted that Nigeria ratified the AfCFTA Digital Trade Protocol, secured appointment as AfCFTA Digital Trade Co-Champion, launched the National Intellectual Property Policy, and won hosting rights for CANEX 2026 and the Intra-African Trade Fair 2027.
2026 Strategy: Four Pillars for Growth
Looking ahead, the ministry will anchor its 2026 strategy on four reinforcing pillars:
- Unlocking global and regional demand through trade facilitation
- Strengthening the domestic supply of exports
- Mobilising investment through policy coherence and execution
- Leveraging data, digital infrastructure, and strategic communications
Beyond the MSME census, the trade ministry listed women-led businesses and long-term finance as Priority 4 for 2026. The plan proposes dedicated financing frameworks for women-led industrial and MSME enterprises to address access to patient capital and integrate them into priority value chains.
Lessons from 2025
Mr John Enoh, the Minister of State for Industry, said lessons from 2025 reinforced the urgency of strengthening MSME data and execution frameworks. He emphasized that data gaps undermine good intentions and that reliable MSME data is essential for effective planning, targeting, and evaluation.
Enoh also stressed the importance of policy execution, stating that sector plans without ownership, sequencing, and monitoring do not translate into outcomes. He highlighted the need for coordinated platforms like the Industrial Revolution Working Group to avoid fragmentation across agencies and stakeholders.
Inclusion as an Economic Imperative
On inclusion, Enoh stated that women-led enterprises show strong resilience and impact but face disproportionate barriers to long-term finance. He called for deliberate action to address this gap.
Other priorities outlined in the 2026 agenda include the Made-in-Nigeria National Campaign, industrial cluster development, cotton, textile, and garment value chain transformation, AI and digital industrial governance, review of privatised industries, and the Industrial Revolution Working Group Ministerial Roundtable.
