FG Begins Disbursement of N75bln Single-Digit Loan to MSMEs

The Federal Government has commenced the disbursement of N75 billion single-digit loan to micro, small, and medium enterprises (MSMEs) through the Bank of Industry (BOI).

Persecondnews reports that this initiative aims to support 75,000 MSMEs with N1 million loan each, at a single-digit interest rate of 9 percent.

Mr. Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, announced this during a nationwide town hall meeting in Abuja on Wednesday.

Adekunle-Johnson stated that MSMEs can now visit any BOI branch to apply for and obtain the loan, with no hidden charges.

“We live in Ogun, Bauchi, Enugu, and Kaduna states simultaneously. In 2023, President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal,” the presidential aide said.

“We are here today to sensitize MSMEs to the loan, which is currently open all over the country.

“MSMEs can walk into any bank of industry from today and apply for this loan. It is a single-digit loan, it is nine percent, 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 sensitize people to this facility so that they don’t fall into the hands of people who will tell them to bring money before they can access it.”

Mr. Olasupo Olusi, Managing Director of BOI, announced the establishment of a N200 billion presidential intervention fund to support MSMEs and manufacturing enterprises.

This fund aims to drive economic growth and enhance job security.

Adekunle-Johnson urged applicants to contact the Bank of Industry directly for required information, assuring that once applicants provide the requirements, they will get the loan immediately.

In a related development, BOI plans to disburse N1 billion in single-digit interest loans to 140 manufacturers. This initiative is part of the Federal Government’s N75 billion Manufacturing Sector Fund.

The loan scheme is expected to have a positive impact on Nigeria’s economy, supporting the growth and development of MSMEs.

With the Federal Government’s commitment to supporting entrepreneurs, this initiative is a step in the right direction.