The government has taken a step towards helping small businesses in Nigeria by releasing N75 billion in low-interest loans through the Bank of Industry. This initiative aims to support Micro, Small, and Medium Enterprises (MSMEs) following recent subsidy cuts.
During a town hall meeting in Abuja, Mr. Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, stressed the importance of the program. The meeting, held in multiple states, aimed to educate MSME owners on how to access funds through the Presidential Grant and Loan Scheme.
“We are here today to inform MSMEs about the loan available nationwide,” Adekunle-Johnson said, encouraging MSMEs to apply directly at any Bank of Industry branch. He emphasized that this loan offers a low-interest rate of nine percent with no hidden fees, providing up to N1 million. He warned against intermediaries charging fees for loan processing and urged applicants to go directly to BOI.
Adekunle-Johnson also highlighted BOI’s role as a key partner in implementing the scheme, ensuring quick access for eligible applicants. “For any information, approach the Bank of Industry. Once you meet the requirements, you will receive the funds promptly,” he assured.
Dr. Olasupo Olusi, Managing Director of BOI, represented by Mabel Ndagi, Executive Director of Public Sector and Interventions, shared more details about the N200 billion Presidential Intervention Fund for MSMEs and manufacturing enterprises. This fund aims to boost economic growth and job creation by addressing the funding challenges faced by MSMEs.
Mr. Roosevelt Ogbonna, Managing Director of Access Bank Plc, reiterated the bank’s commitment to MSME development, especially focusing on women- and youth-led enterprises. “The majority of businesses in Nigeria are MSMEs, with women and youth making up a significant portion. We aim to be the go-to bank for MSMEs in Nigeria,” Ogbonna stated, highlighting Access Bank’s support for this sector since 2008.
The government’s intervention and the collaboration with financial institutions like BOI and Access Bank are expected to provide a significant boost to MSMEs, which play a crucial role in Nigeria’s economy, particularly in sectors like agriculture, manufacturing, and services.