The federal government has partnered with the Bank of Industry (BOI) to disburse N75 billion in loans to micro, small, and medium-scale enterprises (MSMEs) across the country. The loans are offered at a low-interest rate of 9 per cent, making them more accessible to MSMEs.
In a statement, Temitola Adekunle Johnson, the special assistant to the President on MSMEs and Job Creation in the Office of the vice president, confirmed that the single-digit interest rate is targeted at women and youths.
He noted that the government is working with the BOI to provide accessible and affordable financing to MSMEs in order to stimulate economic growth and job creation.
Johnson stated that the disbursement of loans to Micro Small and Medium-sized Enterprises would commence in January 2024.
According to Johnson, the government has been collaborating with stakeholders in both the public and private sectors to provide massive support for MSMEs through a combination of grants and loans. One such example is the recent upward review of the Access Bank loan scheme for MSMEs from N30 billion to N50 billion.
“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he said
The statement, titled ‘BOI-FG single digit loans for MSMEs to commence Jan 2024’ also highlighted the present administration’s commitment to providing small business owners with massive support in the form of grants and loans.
