NIGERIA – Small and medium-sized enterprises (SMEs) across Nigeria are set to benefit from a newly announced funding initiative by the Nigerian Association of Small-Scale Industrialists (NASSI), in partnership with the SME Scale-Up program and Seven-Up Bottling Company.
The initiative, which will be rolled out across Nigeria’s 36 states, aims to support businesses in key sectors including agro-processing, manufacturing, services, technology, education, fashion, and creative industries.
During a press briefing held in Lagos, NASSI Director General Engr. Ifeanyi Oputa outlined the objectives of the grant program, emphasizing its role in supporting enterprise expansion and enhancing competitiveness.
According to Oputa, the financial assistance will enable SMEs to adopt new technologies, develop new products or services, and strengthen their position in both domestic and international markets.
“The initiative provides a platform for businesses to restructure, access new markets, and implement innovative business strategies,” Oputa said.
He added that improving SMEs’ access to financial resources remains essential for scaling operations and achieving long-term business goals.
Support without debt or equity dilution
Also speaking at the event, NASSI’s Southwest Coordinating Secretary, Mrs. Bukola Baruwa, highlighted that the grants are non-repayable and do not require equity exchange.
This approach, she noted, allows SMEs to retain full ownership of their enterprises while gaining access to capital required for operational improvements and expansion.
“These grants allow businesses to invest in critical areas such as workforce development, product enhancement, or logistics without the pressure of repayment,” Baruwa said.
“It provides breathing room for businesses to grow organically.”
Encouraging innovation and market access
The funding opportunity also intends to create avenues for innovation and market linkages. Mr. Oluwaseun Akadiri, the Southwest Coordinating Chairman of NASSI, explained that partnerships with international funding platforms have been instrumental in structuring this initiative.
He noted that such collaborations will help local businesses explore new ideas, introduce novel products, and maintain relevance in an evolving economic landscape.
“Innovation thrives where financial support exists,” Akadiri said.
“Through these grants, SMEs will have the capacity to improve their value chains and increase their visibility across broader markets.”
Selection criteria and application processes are expected to be made available through NASSI’s regional offices and its online platforms in the coming weeks.
Grants will be distributed in phases, with oversight mechanisms expected to be put in place to ensure accountability and impact assessment. Applications will be open throughout June via the NASSI website.
NASSI is working closely with sector-specific organizations and local agencies to identify eligible enterprises and offer them technical support throughout the grant period, reports MSME Africa.
Challenging economic times
The grant initiative comes at a time when Nigerian SMEs are navigating challenging economic conditions, including inflationary pressures, foreign exchange constraints, and infrastructure limitations.
According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), SMEs represent over 90% of businesses in the country and contribute nearly 50% to the national GDP.
In recent years, multilateral and private sector entities have increasingly turned to grant-based programs to bridge funding gaps within Nigeria’s SME ecosystem.
