The Federal Government has increased the loan cap for small businesses under its grant and loan scheme to N5 million, aiming to drive inclusive economic growth and alleviate challenges faced by Micro, Small, and Medium Enterprises (MSMEs).
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BoI), announced the initiative during a town hall sensitization event in Lagos, organized by the Federal Ministries of Finance, Industry, Trade and Investment, and the Presidency.
Olusi highlighted the N200 billion Presidential Intervention Fund for MSMEs, with N75 billion earmarked specifically for small businesses. He explained that the funds, available at a 9% interest rate with a three-year tenure, are ready for disbursement through BoI without intermediaries.
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“The initiative is expected to create thousands of jobs nationwide. Business owners should approach BoI or register online to benefit directly,” Olusi said, noting that over 800,000 Nigerians have already accessed the scheme.
The Senior Special Assistant to the President on Job Creation, Temitola Adekunle-Johnson, praised the increased loan cap, which had previously been limited to N1 million, stating, “This fund will help MSMEs overcome hurdles like access to finance and infrastructure, strengthening their business operations.”
Minister of Finance, Wale Edun, represented by Ahmed Gazalli, reiterated the government’s commitment to MSME and manufacturing sector growth, describing them as essential pillars of Nigeria’s economy. He emphasized the need for collaboration and resource allocation to unlock the sector’s full potential.
Beneficiaries of the initiative, including vegetable farmers, nannies, and food vendors, expressed gratitude for the government’s intervention, which they said would significantly boost their businesses.
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