The Nigerian Federal Government has unveiled a N75 billion loan initiative with low single-digit interest rates to support Micro, Small, and Medium Enterprises (MSMEs).
The scheme, executed through the Bank of Industry (BoI), was announced by Mr. Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, during a town hall in Abuja. Similar meetings were held across states including Ogun, Bauchi, Enugu, and Kaduna to guide MSMEs on eligibility.
The scheme, part of President Bola Tinubu’s palliative measures following subsidy removal, offers up to N1 million at a fixed 9% interest rate.
Read also:
- AfDB, Italy sign $6B deal, BoI secures $50M for SMEs
- Delta ALGON Chair hails Oborevwori’s empowerment drive
- FG to set up multi-level steering committee to boost industrial growth
- African SMEs forum champions Intra-African trade, ‘Made in Africa’
- Delta State lauds SMEs, calls for bank expansion
BoI and government agencies have ensured minimal requirements and no hidden charges. Additionally, a N200 billion Presidential Intervention Fund has been allocated to boost MSMEs and manufacturing sectors.
The initiative is expected to create 75,000 direct jobs and 150,000 indirect jobs. MSMEs must meet specific requirements, including government-grade guarantors and proof of registration, with loans repayable over three years in monthly installments.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
