FG begins disbursement of N75bn single-digit loan to MSMEs

The federal government has commenced the disbursement of N75 billion single-digit loans to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BOI). Tola Adekunle-Johnson, the senior special assistant to the president on job creation and MSMEs, made this known in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme. Mr Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu, and Kaduna states, to educate MSMEs on the conditions for accessing the loan. He recalled that Mr Tinubu approved the funds as palliatives to cushion the effect of the fuel subsidy removal. “MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single-digit loan; it is nine per cent, 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 sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” he said. The presidential aide said his office had been collaborating with BOI, an important implementing agency for the scheme. If you need any information, if you are not sure of anything, go to the Bank of Industry. Once you provide the requirements, very quickly you will get yours, immediately,” Mr Adekunle-Johnson said.
Earlier, the managing director of BOI, Olasupo Olusi, explained that the N200 billion intervention fund was established to support them towards driving economic growth and job creation. The MD, represented by Mabel Ndagi, executive director of the public sector and interventions of BOI, said “Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.” He reiterated that BOI remains committed to playing its part in promoting and supporting MSMEs growth across the country.