FG begins N75bn loan disbursement for MSMEs

The federal government has launched the disbursement of N75 billion in single-digit loans to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria through the Bank of Industry (BOI).

This initiative is part of efforts to support businesses and stimulate economic growth, particularly in the wake of challenges brought on by the removal of the fuel subsidy.

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

The meeting is part of a broader campaign to raise awareness among MSMEs about the Presidential Grant and Loan Scheme.

Adekunle-Johnson explained that the town hall sessions were being held simultaneously in Ogun, Bauchi, Enugu, and Kaduna states. The aim is to inform MSMEs about the loan conditions and how they can access the funds to boost their businesses.

The disbursement of these funds follows the approval of President Bola Tinubu, who authorized the loans as part of measures to cushion the economic impact of the fuel subsidy removal.

“MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single-digit loan; it is nine per cent, it is fixed, no hidden charges.

“This is the one and only single-digit loan you can get, and you can get up to N1 million.

“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” he said.

The presidential aide said his office had been collaborating with BOI, an important implementing agency for the scheme.

“If you need any information, if you are not sure of anything, go to the Bank of Industry.

“Once you provide the requirements, very quickly you will get yours, immediately,” Mr Adekunle-Johnson said.

Earlier, the managing director of BOI, Olasupo Olusi, explained that the N200 billion intervention fund was established to support them towards driving economic growth and job creation.

The MD, represented by Mabel Ndagi, executive director of the public sector and interventions of BOI, said “Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.”

He reiterated that BOI remains committed to playing its part in promoting and supporting MSMEs growth across the country.

(NAN)