Trending 
The Nigerian Government on Tuesday launched the GROW Fund, a financing initiative to provide affordable capital to over 6,000 young entrepreneurs trained under the Inspire, Create, Start and Scale (ICSS) programme. The fund seeks to address the persistent funding gap facing micro, small and medium enterprises (MSMEs) in Nigeria.
The initiative, facilitated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), was unveiled in Abuja in collaboration with the German Society for International Cooperation, the Society for Organisation, Planning and Training, and the Kaduna Business School.
Speaking at the event, the Minister of Youth Development, Ayodele Olawande, emphasised that the government was committed to ensuring youth training programmes translate into real economic opportunities. He noted that limited access to finance remains a major obstacle for youth-led businesses, a challenge the GROW Fund aims to address.
“At the Ministry of Youth Development, we are addressing this through several initiatives, particularly our effort to build a Nigerian Coursera through the Nigerian Youth Academy. This initiative is increasing access not just for young people but also for practical skills, digital accountability and enterprise development. But we know that training must connect to opportunities. Skills must be connected to capital,” Olawande said.
He criticised previous interventions that focused primarily on training without tangible economic results, stating, “For over 40 years in this country, young people have not been able to see or touch government. It has always been about training, training and more training…When young people are properly trained, structured and linked with credible financial institutions, the outcome is business expansion, job creation and increased confidence.”
The minister added that youth-led enterprises in agriculture, manufacturing, the creative industry and technology would be prioritised, with the programme designed to link preparation, discipline, and structured support with finance and market access.
Charles Odii, Director-General of SMEDAN, explained that the GROW Fund bridges the gap between training and access to capital. “We are targeting no fewer than 6,122 graduates of the course, and for each of the 6,122 people who need financing, we will make sure that we fund them. Financing in this part of the country…is very expensive and scarce,” he said.
Odii also highlighted that the ICSS curriculum equips entrepreneurs with the skills needed to unlock funding. One programme graduate reportedly secured approximately $40 million in a pitch competition, attributed to the training. The fund offers affordable, single-digit-interest loans to an initial cohort of 100 beneficiaries and plans to scale nationwide.
The Head of Development Cooperation at the German Embassy, Karin Jansen, noted that the programme addresses the persistent challenge of financing MSMEs by providing structured support, mentorship, and responsible lending.
A representative of Jaiz Bank, which will manage the fund, described the GROW Fund as a strategic tool to enhance productivity, financial inclusion, and sustainable entrepreneurship.
Nigeria’s MSME sector, which employs a significant portion of the population, continues to face challenges, including high borrowing costs and infrastructure gaps. With over 39 million small businesses in the country, only a small fraction currently have access to formal credit. The ICSS programme forms part of the Nigerian Government’s wider strategy to boost enterprise development, expand industrial capacity, and promote inclusive economic growth.
