The Federal Government has launched the disbursement of a N75 billion single-digit loan scheme aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
The initiative, facilitated through the Bank of Industry (BoI), was announced by the Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson, at a town hall meeting in Abuja.
The event also took place simultaneously in Ogun, Bauchi, Enugu, and Kaduna states.
Mr. Adekunle-Johnson highlighted that the scheme is part of President Bola Tinubu’s palliative efforts to mitigate the economic impact of subsidy removal on small business owners.
“In 2023, President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal,” he said. “We are here today to sensitise MSMEs to the loan, which is currently open all over the country.”
Adekunle-Johnson emphasized that interested MSMEs could visit any BoI branch to apply for the loan, which offers a nine percent fixed interest rate with no hidden charges.
“This is the one and only single-digit loan you can get, up to N1 million, to support business growth,” he explained, warning entrepreneurs against scammers who may demand fees to access the loan.
The Managing Director of BoI, Dr. Olasupo Olusi, represented by Executive Director Mabel Ndagi, further detailed the government’s commitment to fostering MSME growth through a N200 billion intervention fund for MSMEs and manufacturing enterprises.
“MSMEs are the driving force behind the non-oil economy, contributing significantly to economic growth and job creation,” said Ndagi.
“The Federal Government’s intervention fund targets those in agriculture, manufacturing, and service sectors.”
In Ogun State, Governor Dapo Abiodun urged MSMEs to take advantage of the N200 billion fund.
Speaking at a town hall meeting, Industry, Trade, and Investment Commissioner Adebola Sofela noted that “many entrepreneurs in the state have benefitted from the Nano grant and other loan schemes of the fund,” adding that the initiative aligns with Ogun State’s economic transformation goals.
Mr. Michael Agidani, the State Manager for BoI in Ogun, announced that the N75 billion loan scheme for MSMEs is available for both existing businesses and registered start-ups, with a maximum loan of N1 million, a nine percent interest rate, and a three-month moratorium.
Similarly, in Akwa Ibom, BoI’s State Manager Tolulope Toluwase outlined loan requirements for MSMEs, including a guarantor with a Grade Level 10 status in the Federal Government civil service, BVN/NIN, and CAC registration.
Toluwase stated, “We believe that N1 million per beneficiary, when injected in small and medium-scale operations, will make a significant impact.”
Entrepreneurs such as laundry business owner Mr. Daniel Olukoga and ASVAN member Mr. Roshid Sodamola expressed appreciation for the scheme, stating it had been beneficial to businesses statewide.
The Federal Government expects the initiative to create 75,000 MSMEs, 75,000 direct jobs, and 150,000 indirect jobs across Nigeria.
