The Federal Government of Nigeria has officially launched the GROW Fund, a financing initiative aimed at supporting more than 6,000 young entrepreneurs trained under the Inspire, Create, Start, and Scale (ICSS) programme. Unveiled in Abuja by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the fund seeks to address the persistent challenge of limited access to capital that has long hindered micro, small, and medium enterprises (MSMEs) across the country. The initiative is backed by international partners, including the German Society for International Cooperation, the Society for Organisation, Planning and Training, and the Kaduna Business School.
Minister of Youth Development, Ayodele Olawande, emphasized that the government is committed to translating skills training into tangible economic opportunities. “Training must connect to capital,” Olawande said, noting that many previous programs focused on teaching without delivering measurable impact. He highlighted that the GROW Fund would particularly support youth-led enterprises in agriculture, technology, manufacturing, and the creative industries, helping them access finance, expand businesses, and create jobs.
The Director-General of SMEDAN, Charles Odii, explained that the GROW Fund is designed to close the gap between training and access to financing. “Every entrepreneur trained under the ICSS curriculum is now equipped to unlock funding,” he said. The fund will offer affordable loans with single-digit interest rates, with the first 100 beneficiaries receiving initial funding. SMEDAN plans to scale this initiative nationwide, ultimately reaching all 6,122 graduates who have completed the programme in states including Lagos, Abuja, Kano, Enugu, Edo, and Niger.
International partners also lauded the initiative. Karin Jansen, Head of Development Cooperation at the German Embassy, stressed that while entrepreneurship skills are essential, access to finance remains a major constraint. The GROW Fund offers not just loans but structured support, mentorship, and responsible financing. Similarly, Jaiz Bank, the financial institution managing the fund, described it as a strategic intervention for strengthening Nigeria’s MSME ecosystem, emphasizing responsible use and sustainable business growth by beneficiaries.
With Nigeria’s MSME sector representing a significant portion of the nation’s employment and economic activity, initiatives like the GROW Fund are crucial for bridging the gap between training and financial empowerment. According to official data, Nigeria hosts over 39 million small businesses, yet only a fraction have access to formal credit. By linking young entrepreneurs with structured funding and mentorship, the government aims to transform Nigeria’s youth into drivers of economic growth and inclusive development.
source: punch