Federal Government Begins Disbursement Of BOI/FGN N75 Billion Loan Single-Digit Loan

MSMEs have received N75 billion in single-digit Loan Disbursement from the Federal Government. The Federal Government has initiated the release of N75 Billion in single-digit loans to support Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. This Loan was undertaken in collaboration with the Bank Of Industry (BOI) to help support weak and struggling enterprises all over the country.

In a meeting in Abuja, Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Jobs and MSMEs, spoke on the importance of this initiative. Similar meetings across other states like Ogun, Bauchi, Enugu, and Kahuna state were organised to educate MSMEs on accessing the funds under the Presidential Grant and Loan Scheme.

At the meeting, Mr Tola Adekunle-Johnson stated, “This is the one and only single-digit loan you can get at nine per cent interest with no hidden charges, and it can provide up to N1 million,”. He cautioned applicants to avoid intermediaries seeking fees for loan processing, encouraging them to approach BOI directly.

Mr Tola Adekunle-Johnson further explained the role of BOI as a key to implementing the scheme, offering guidance to ensure quick access for qualified MSMEs applicants. “If you need any information, go directly to the Bank of Industry. Once you provide the requirements, you will receive the funds immediately,” he assured.

At the event, the Managing Director of BOI, Dr Olasupo Olusi, represented by Mabel Ndagi, Executive Director of Public Sector and Interventions, highlighted a few things. He said that N200 billion presidential intervention fund has been set up to support MSMEs and manufacturing enterprises to drive economic growth and enhance job security.

The Managing Director Of Access Bank Plc, Mr Roosevelt Ogbonna, strongly reaffirms his institution’s focus on MSME development, with great attention to women and youth-led enterprises.

The Federal Government, in collaboration with other financial institutions such as BOI and Acess Bank, offers a promising opportunity to help boost MSMEs, which are pivotal to economic growth, wealth generation and job creation in various sectors of the economy such as Agriculture, Manufacturing, services, etc.