The Federal Government has started disbursing the N75bn single-digit loan to micro, small, and medium enterprises across the country, facilitated through the Bank of Industry.
The Senior Special Assistant to the President on job creation and MSMEs, Temitola Adekunle-Johnson, said this during a town hall meeting in Abuja on Wednesday aimed at raising awareness of the Programme.
Adekunle-Johnson confirmed that MSMEs could now visit any BOI branch to apply directly for this loan.
Adekunle-Johnson said the funds, approved by President Bola Tinubu in 2023, were designed to ease the impact of fuel subsidy removal on small businesses.
“This single-digit, nine percent fixed-rate loan has no hidden charges, and it’s available up to N1 million per applicant ” he added
To prevent fraud, Adekunle-Johnson advised that applicants contact BOI directly for information and assured that qualified MSMEs would receive the loan promptly.
Managing Director of the BOI, Olasupo Olusi, also announced the establishment of a N200bn intervention fund to support MSMEs and manufacturing firms, with the BOI serving as the implementing agency.
“MSMEs are critical to economic growth and job creation, yet many struggle to access necessary funding,” he said, emphasising that the project intends to assist small businesses in reaching their full potential,” he said.
