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The Federal Government has released the entire 75 billion naira Manufacturing Sector Fund to 104 manufacturing firms, alongside 65.8 billion naira allocated to 15,018 micro, small and medium enterprises to stimulate local production, business expansion and job creation.
Minister of Industry, Trade and Investment, JUMOKE ODUWOLE, made this known in an address titled “Harnessing Nigeria’s Economic Potential for Greater Prosperity”, stating that the disbursements were implemented under the government’s 200 billion naira intervention package administered by the Bank of Industry.
She explained that the initiative was designed to strengthen domestic industries and enhance production capacity, emphasising that its effectiveness should be assessed through business expansion, higher output and improved livelihoods rather than the volume of funds released.
Providing an update on the manufacturing sector, ODUWOLE disclosed that cement production increased by 11.53 per cent and motor vehicle assembly by 5.44 per cent in the first quarter of 2026.
The minister further highlighted the potential of locally processed cassava and vehicle assembly to provide support for manufacturers, generate employment and strengthen supply chains, adding that intra-African trade had recorded a 21 per cent increase under the African Continental Free Trade Area.