Business & Economy

FG Announces Nationwide Census for Empowering MSMEs in 2025

Published

2 months ago

Feb 5, 2025.

By conducting a nationwide census, the Federal Ministry of Industry, Trade, and Investment will gain valuable insights into the challenges and needs of MSMEs in various sectors and regions
Oduwole emphasized that 2025 is a pivotal year for Nigeria to drive economic diversification and achieve tangible results through strategic initiatives and policy reform.
In line with its economic growth strategy, the Federal Ministry of Industry, Trade, and Investment (FMITI) is set to conduct a national census in 2025 aimed at establishing a comprehensive roadmap for empowering Micro, Small, and Medium Enterprises (MSMEs).

Eko Hot Blog reports that this move reflects the ministry’s commitment to industrial transformation and inclusive economic development, as outlined in its 2025 outlook document, ‘Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade & Investment.’

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The document, co-signed by Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, and Minister of State, Senator John Enoh, highlights the importance of the census in gathering precise data that will inform tailored initiatives to bolster MSMEs across the country.

By conducting a nationwide census, the Federal Ministry of Industry, Trade, and Investment will gain valuable insights into the challenges and needs of MSMEs in various sectors and regions.

The resulting data-driven roadmap will enable the ministry to design and implement targeted interventions to support the growth of these businesses, ultimately driving economic diversification and prosperity.

“The ministry will conduct a nationwide census to establish a precise, data-driven roadmap for empowering Micro, Small, and Medium Enterprises (MSMEs) and a high-level task force focused on implementing industrial reforms and reengineering the Nigeria Industrial Revolution Plan (NIRP), aiming to create a modernised blueprint for sustainable industrialisation,” the document stated.

Oduwole emphasized that 2025 is a pivotal year for Nigeria to drive economic diversification and achieve tangible results through strategic initiatives and policy reform.

She outlined three primary areas of focus for the ministry: investment mobilization, trade revenue growth, and economic diversification.

FG Announces Nationwide Census for Empowering MSMEs in 2025

“As a ministry, we prioritize creating a dynamic, resilient, and sustainable economy by positioning the private sector for productivity and competitiveness and enabling businesses to take full advantage of the vast opportunities available in domestic, regional, and global markets.

“We have repositioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down, which improved FMITI’s Performance significantly in the last quarter of 2024.

“We are building an economy that attracts abundant investment from across the world, fosters industrial transformation, and facilitates trade in exports to generate productive jobs for Nigerians across the country.

“In 2025, to accelerate diversification and rebuild prosperity, FMITI will deliver a more enabled environment through good regulation and development policies and the expansion of trade and investment across three broad areas:

Economic diversification to accelerate through industrialisation, digitisation, creative arts, manufacturing and innovation; Trade revenue growth to boost export and foreign exchange earnings; and investment mobilisation aimed at increasing investment retention and attraction,” Oduwole stated.

The key priorities for the ministry in 2025, according to the document, are: “Unlocking the full potential of the automotive sector by accelerating local manufacturing and fostering world-class supply chains;

Expanding value addition in agriculture to position Nigeria as a global powerhouse in agro-industrial production; Revitalizing the Cotton, Textile, and Garments (CTG) ecosystem to enhance domestic production, drive exports, and create millions of jobs;

Advancing Nigeria’s industrial self-sufficiency through strategic investments in pharmaceuticals, medical devices, and petrochemical industries;

Conducting a nationwide census to establish a precise, data-driven roadmap for empowering Micro, Small, and Medium Enterprises (MSMEs); and setting up a high-level task force focused on implementing these industrial reforms and reengineering the Nigeria Industrial Revolution Plan (NIRP), aiming to create a modernized blueprint for sustainable industrialisation.”