The Federal Government has increased the maximum amount small businesses can access through single-digit loans to N5 million. The initiative aims to tackle the financing challenges small businesses face while boosting job creation across the country.
The announcement was made by Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BoI), during a town hall sensitization event held in Lagos. The Federal Ministry of Finance organized the event in partnership with the Federal Ministry of Industry, Trade and Investment, the Presidency, the Bank of Industry, and other key stakeholders.
Olusi, who was represented by the Executive Director for MSMEs at BoI, Umar Shekarau, praised President Bola Tinubu for establishing the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises. He highlighted that N75 billion of the fund was specifically allocated for MSMEs, emphasizing that the initiative is expected to generate thousands of direct and indirect jobs across the country.
The BoI boss confirmed that the fund, managed by the Bank of Industry Nationwide, is already available and ready to be disbursed to beneficiaries at a nine percent interest rate. He urged business owners to directly approach the BoI or register online, advising them to avoid intermediaries to access the loans and grants. He noted that over 800,000 Nigerians have benefited from the fund, with opportunities available for youths, women, the physically challenged, and all Nigerians. He emphasized that the Bank of Industry maintains its integrity in disbursing the funds.
Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, confirmed that the loan size has been increased from N1 million to N5 million to help address the financial and infrastructural challenges faced by small businesses.
“The loan is 9% percent three-year tenure. A single MSME can collect up to N5 million single digit,” said Adekunle-Johnson. “This scheme is expected to create thousands of direct and indirect jobs nationwide,” Shekarau stated, adding that the funds are ready for disbursement at an annual interest rate of nine percent. Business owners are encouraged to approach BoI directly or register online, avoiding intermediaries.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Ahmed Gazalli, emphasized the critical role of MSMEs in Nigeria’s economy. He described the program as a significant milestone in the country’s efforts toward economic empowerment and sustainable growth. “MSMEs form the backbone of our economy. Supporting their growth is essential for achieving our vision of an inclusive, thriving economy,” Gazalli stated.
Senator John Eno, Minister of State for Industry, Trade and Investment, reaffirmed the government’s commitment to supporting initiatives that improve the welfare of Nigerians. He emphasized the need for stronger collaboration among stakeholders to overcome systemic challenges and boost MSME growth.
The broader scope of the scheme demonstrates Nigeria’s commitment to harnessing its entrepreneurial base as a key driver of economic stability and growth.
