The National Identity Management Commission has announced that the National Identity Number is now a mandatory requirement for accessing government-backed loans, including those disbursed by the Bank of Industry.
In a statement on its social media platform, NIMC emphasized the need for citizens to enroll for their NIN to access business support and funding opportunities.
“Enroll for your NIN today to access business aid and other opportunities from the Bank of Industry,” NIMC stated.
“To access the services of the Bank of Industry (BOI), enrol for the NIN,” it stressed.
The news coincides with the Federal Ministry of Industry, Trade, and Investment of the Federal Governmentnt announcing three intervention funds worth ₦200 billion to assist companies around Nigeria.
These funds, which will be disbursed by BOI at an interest rate of 9%, include: The Presidential Conditional Grant Scheme (PCGS), a ₦50 billion grant programme aimed at supporting eligible nano-business owners, with at least 1,000 beneficiaries per local government area across Nigeria and the six council areas in the FCT, The FGN MSME Intervention Fund and The FGN Manufacturing Sector Fund.
The Managing Director/CEO of BOI, Olasupo Olusi, reiterated the scheme’s focus on empowering small business owners.
“The Presidential Conditional Grant Scheme (PCGS) is a ₦50bn grant scheme to support eligible nano-business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT,” Olusi said.
“Traders, food vendors, ICT companies, transporters, artists, and creatives are among the target benefactors,” he continued.
As the executing agency, BOI is in charge of overseeing the daily management of the funds and making sure they are available to companies who want financial assistance.