FG sets up ₦75b intervention loan for MSMEs

The federal government, through the Bank of Industry (BOI), has set up a ₦75bn intervention loan for Micro, Small, and Medium Enterprises (MSMEs) in the country.

BOI said the intervention loan is aimed at assisting the cost of production for 75,000 MSMEs in Nigeria.

BOI Manager in Enugu State, Mrs Anulika Akabogu, stated this on Tuesday during a town hall meeting on the Presidential Conditional Grants and Loans Scheme for MSMEs held in Enugu.

Akabogu said beneficiaries would get a ₦1m loan to enable them to boost their businesses, adding that those operating sole proprietorships, partnerships, and limited liability companies are qualified for the intervention.

She said that the loan has a nine per cent interest rate per annum and a maximum term of three years, including a three-month moratorium on principal and interest.

“Any business seeking the intervention loan must be registered with the Corporate Affairs Commission of Nigeria.

“MSME applicants will apply for the loan through a dedicated loan application portal at www.fgnboimsmeinterventionloan.boi.ng.

“Only applications made on the loan portal and with complete documentation will be processed.

“Successfully appraised and approved loans will be disbursed accordingly,” Akabogu stated.

Special Adviser to the Enugu State Governor on MSMEs, Mr. Arinze Chilo-Offiah, commended the federal government for setting up the intervention loan.

Chilo-Offiah described the loan as a huge relief to business owners due to the high cost of operating a business in Nigeria.

He urged business owners in the state to apply for the intervention loan in order to expand their businesses.