No fewer than 20,000 Micro, Small, and Medium Enterprises (MSMEs) in Oyo State have benefited from the Federal Government’s intervention programmes, with over ₦2 billion disbursed so far.
This was revealed by Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), at a town hall meeting on the FG’s ₦75 billion scheme for MSMEs and manufacturers, held in Ibadan.
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Represented by Mike Oye, BOI’s Southwest Regional Manager, Olusi noted that MSMEs account for 96% of all businesses in Nigeria and 84% of employment, yet face persistent challenges like access to finance and rising costs.
To address these, the FG rolled out a three-part intervention:
₦50bn Conditional Grant Scheme: ₦50,000 for nano businesses
₦75bn MSME Loan Scheme: Up to ₦5 million at 9% interest
₦75bn Manufacturing Fund: Up to ₦1 billion for manufacturers
Beneficiaries like trader Mojoyinola Ogundare and food processor Olawale Sounding praised the initiative, saying it has helped boost their businesses.
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