The Bank of Industry (BoI) has announced the opening of its application portal for potential beneficiaries of the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
This was disclosed during a joint press conference on a Memorandum of Understanding (MoU) between Nigerian Association of Small-Scale Industrialists (NASSI) and Bank of Industry (BoI) and Sensitization on N75 Billion MSME Intervention Fund in Abuja.
The BoI representative, Amina Habu Mohammed, said the fund targets 75 million SMSEs at N1 million each at 9% interest rate for a period of three years without collateral. This flexible loan initiative is designed to support MSMEs across the nation and enhance the living conditions of citizens, adding that the application portal can be accessed online.
Dr. Solomon Daniel Vongfa, National President of the National Association of Small-Scale Industries (NASSI), has characterized the newly established intervention fund as a crucial lifeline” for small-scale businesses, especially in light of recent economic challenges. He expressed appreciation for the efforts of both the federal government and the Bank of Industry (BoI), underscoring the pivotal role that small enterprises play in fostering job creation and driving economic growth. “This initiative will unlock the potential of many MSMEs and stimulate economic prosperity,” Vongfa stated.
Additionally, Vongfa elaborated on NASSI’s commitment to promoting the fund, announcing plans to conduct workshops, seminars, and outreach programs across all 36 states of Nigeria. The objective is to ensure that entrepreneurs comprehensively understand the eligibility criteria and application procedures.
He added: “We urge all eligible MSMEs to seize this opportunity and apply for the N75 Billion MSME Intervention Fund. This is a golden chance to unlock your business’s full potential and contribute to the economic prosperity of our nation”.
He noted that the partnership between BoI and NASSI is focused on fostering a vibrant entrepreneurial ecosystem that promotes sustainable development and helps alleviate poverty throughout Nigeria.
