FG, BOI to provide N75bn loan to MSMEs in 2024

Bank of Industry is to disburse the sum of N 75 billion to Micro Small and Medium-sized Enterprises beginning from January 2024 on behalf of the federal government. This is contained in a statement by the Office of the Vice President in collaboration with the Bank of Industry. The statement said N75 billion will be distributed to small businesses nationwide at an interest rate of 9 per cent. This statement was signed by the Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice President, Temitola Adekunle-Johnson.

The joint effort between the FG and the Bank aims to utilise existing platforms to provide loans to small businesses, with a focus on women and youths. It was also mentioned that the government, under the leadership of Tinubu, has worked with stakeholders in the public and private sectors to provide significant support for MSMEs through grants and loans. Notably, the recent increase in the Access Bank loan scheme for MSMEs from N30 billion to N50 billion was cited as an example. The announcement comes after Vice President Kashim Shettima’s pledge to expedite access to single-digit loans for Nigerian small business owners. He emphasised the government’s recognition of the crucial role played by Micro, Small, and Medium Enterprises in driving economic growth, job creation, and innovation. Shettima also urged all stakeholders to collaborate in championing the growth and success of MSMEs for sustainable development.