The Federal Government has taken a significant step to boost small businesses in Nigeria by increasing the single-digit loan access to N5 million to promote inclusive economic growth across the country.
The Managing Director and Chief Executive Officer, Bank of Industry, Dr Olasupo Olusi, revealed this on Friday during a town hall sensitisation in Lagos on the Federal Government Grant and Loan Scheme.
The Managing Director of the Bank of Industry revealed that N75 billion from the Presidential Conditional Grant and Loan Scheme has been allocated to support Micro, Small, and Medium Enterprises (MSMEs).
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He said the initiative aims to create thousands of direct and indirect job opportunities across the country, contributing to Nigeria’s economic growth and development.
According to Olasupo, over 800,000 Nigerians have already benefited from the loan scheme, and there’s still room for more inclusivity, particularly for youths, women, physically challenged individuals, and essentially all Nigerians.
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