Federal Government and Access Bank Reaffirm Commitment to MSMEs, Empowering Small Businesses

Strategic Insights -

The federal government and Access Bank Plc have reiterated their commitment to supporting Nigeria's Micro, Small and Medium Enterprises (MSMEs), highlighting the crucial role of entrepreneurship in driving inclusive economic growth and job creation. This commitment came to the fore at the 2025 National MSME Awards, where Ifeoma Okonkwo, CEO of IFGREEN, emerged as the overall winner of the prestigious competition. Okonkwo's award, valued at N220 million, included a brand-new car, a fully equipped retail shop, and N10 million in cash. As the CEO of IFGREEN, an integrated agribusiness that processes cassava into premium gluten-free flour and food-grade starch for industrial use, Okonkwo has grown the company from a two-person operation to employing 77 direct and indirect staff, with a strong focus on empowering women and youth. The National MSME Awards, which commemorate the United Nations World MSMEs Day, aim to recognize and elevate small businesses, showcasing the contributions of Nigerian entrepreneurs.

Key Takeaways:

  • The federal government has reaffirmed its commitment to supporting MSMEs, emphasizing the importance of entrepreneurship in driving inclusive economic growth and job creation.
  • Ifeoma Okonkwo, CEO of IFGREEN, won the overall prize of N220 million at the 2025 National MSME Awards, which included a brand-new car, a fully equipped retail shop, and N10 million in cash.
  • IFGREEN, under Okonkwo's leadership, has grown from a two-person operation to employing 77 direct and indirect staff, with a strong focus on empowering women and youth.
  • The National MSME Awards, held at the State House Banquet Hall in Abuja, celebrate the contributions of Nigerian entrepreneurs and commemorate the United Nations World MSMEs Day.
  • Renowned entrepreneur Ifeoma Okonkwo benefited from Access Bank's Womenpreneur Pitch-a-ton initiative, which provided her with tailored business advice, mentorship, and resources.
  • Access Bank has committed to empowering small businesses, especially those led by women, as they contribute over 40 per cent to GDP and 80 per cent of employment in Nigeria.
  • The federal government and Access Bank are working together to improve access to finance, reduce regulatory bottlenecks, and boost productivity for MSMEs.

Statistics:

  • N220 million: Value of Ifeoma Okonkwo's award at the 2025 National MSME Awards.
  • N10 million: Cash component of Okonkwo's award at the 2025 National MSME Awards.
  • 77: Number of direct and indirect staff employed by IFGREEN, under Okonkwo's leadership.
  • 40 per cent: Contribution of MSMEs to Nigeria's GDP.
  • 80 per cent: Contribution of MSMEs to Nigeria's employment.

Sources:

  • [Source 1: Federal Government of Nigeria]
  • [Source 2: Access Bank Plc]
  • [Source 3: United Nations World MSMEs Day]
  • [Source 4: National MSME Awards]