Over a period of 10 years, the Central Bank of Nigeria (CBN) has allocated 6.63% of the total N10.39 trillion loan disbursed to various sectors as intervention programmes to support Micro, Small, and Medium Enterprises (MSMEs). According to a detailed report from the apex bank, a total of N689 billion was allocated to the MSME sector between August 2013 and September 2023.
Despite the significant allocation, the MSME sector ranks third in terms of the least allocation within the intervention programs, trailing behind the export sector with a meager 2% allocation and the health sector, which barely constitutes 1% of the total intervention programs.
The intervention programs aimed at supporting MSMEs include the Micro, Small and Medium Enterprises Development Fund (MSMEDF), Agri-business/SME Investment Scheme (AgSMEIS), Nigeria Youth Investment Fund (NYIF), and Tertiary Institutions Entrepreneurship Scheme (TIES), among others.
The report further highlighted that the majority of credit facilities allocated to the MSME sector have either been fully paid or are currently in ongoing payment status for the projects, suggesting positive performance indicators within the sector.
Data from the Central Bank of Nigeria (CBN) indicates that a minimum of eight loan programs were specifically aimed at key players in the MSME sector.
Despite the positive performance indicators, stakeholders in the MSME sector continue to advocate for increased support and allocation of resources to further stimulate growth and development within the sector.
