NIP 2025: FG positions small businesses as engine of industrialisation

The Federal Government of Nigeria has unveiled the Nigeria Industrial Policy (NIP) 2025, positioning micro, small, and medium enterprises (MSMEs) as the centerpiece of its industrialization strategy. The policy offers single-digit interest rate financing (5-9%), recapitalization of the Bank of Industry to N3 trillion by 2026, and a "Nigeria First" initiative to prioritize local goods in government procurement. It also targets onboarding 25,000 SMEs onto digital trade platforms by 2026.