The Bank of Industry (BOI), in collaboration with the Office of the Vice President, is set to commence the disbursement of loans to Micro, Small and Medium-scale Enterprises (MSMEs) by January 2024.
The loans, totalling about N75 billion, will be given to small businesses across the country at an interest rate of nine percent, said a statement from the Office of the Senior Special Assistant to the President on Job Creation and MSME.
It described the move as part of President Bola Ahmed Tinubu’s promise to support the transformation of the MSME space in Nigeria.
It said the Federal Government and the BOI will leverage existing platforms to provide the loans to small businesses, targeting women and youths.
“Recall that the Federal Government has since the coming to office of the Tinubu administration, collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.”
Recently, the management of Access Bank Plc approved an upward review of its 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.
