FG Launches N75bn Loan Disbursement for MSMEs to Boost Growth

The Nigerian government has initiated the disbursement of N75 billion in loans to support micro, small, and medium enterprises (MSMEs) across the country. Learn more about this initiative aimed at boosting economic growth.

The federal government has initiated the distribution of N75 billion in low-interest loans to Micro, Small, and Medium Enterprises (MSMEs) throughout Nigeria via the Bank of Industry (BOI).

This program aims to bolster businesses and promote economic development, especially in light of the difficulties arising from the removal of the fuel subsidy.

Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, announced this initiative during a nationwide town hall meeting in Abuja.

The meeting is part of a larger effort to educate MSMEs about the Presidential Grant and Loan Scheme.

Adekunle-Johnson noted that town hall sessions are concurrently taking place in Ogun, Bauchi, Enugu, and Kaduna states. The objective is to inform MSMEs about the loan terms and the process for accessing funds to enhance their operations.

The release of these funds comes after President Bola Tinubu’s approval, which was granted as a strategy to mitigate the economic effects of the fuel subsidy removal.

“MSMEs can visit any Bank of Industry starting today to apply for this loan. It is a low-interest loan at nine percent, fixed with no hidden fees.

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“This is the only low-interest loan available, and applicants can receive up to N1 million.

“It is crucial to inform the public about this opportunity to prevent them from falling victim to individuals who may demand payment for access,” he stated.

The presidential aide mentioned that his office has been working closely with BOI, a key agency responsible for implementing the scheme.

“If you require any information or have uncertainties, please reach out to the Bank of Industry.

“Once you meet the necessary requirements, you will receive your funds promptly,” Mr. Adekunle-Johnson added.

The managing director of the Bank of Industry (BOI), Olasupo Olusi, previously articulated that the N200 billion intervention fund was created to assist in fostering economic growth and generating employment opportunities.

During the event, Mabel Ndagi, the executive director of the public sector and interventions at BOI, represented the MD and stated, “In spite of their significant role in driving economic development, MSMEs face challenges in obtaining the essential funding required to realize their full potential.”

He emphasized that BOI is dedicated to its role in advancing and supporting the growth of MSMEs throughout the nation.