FG begins disbursement of N75bn single digit loan to MSMEs

The Federal Government has commenced the disbursement of N75 billion single digit loan to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BOI).

Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, made this known in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme.

Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions for accessing the loan.

“We are live in Ogun, Bauchi, Enugu, Kaduna states simultaneously. In 2023 President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal.

“We are here today to sensitise MSMEs to the loan which is currently open all over the country.

“MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single digit loan, it is nine per cent, it is fixed, no hidden charges.

“This is the one and only single digit loan you can get and you can get up to N1 million.

“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” he said.

The presidential aide said that his office had been collaborating with BOI, which is an important implementing agency for the scheme.

“If you needs any information, if you are not sure of anything, go to the bank of industry.

“Once you provide the requirements, very quickly you will get yours, immediately,” Adekunle-Johnson said.

Earlier, the Managing Director of BOI, Dr Olasupo Olusi, explained that the N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises was established to support them towards driving economic growth and job creation.

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The News Agency of Nigeria (NAN) reports that the MD was represented by Mabel Ndagi, Executive Director, Public Sector and Interventions of BOI.

He said that MSMEs are the driving force behind the nom-oil economy, contributing significantly to innovation, economic growth and job creation in the agriculture, manufacturing and services sectors.

“Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.

“In recognition of this, the Federal Government introduced the N200 billion intervention fund for MSMEs and Manufacturing Enterprises and appointed Bank of Industry as the executing agency to implement this initiative,” he said.

He reiterated that BOI remains committed to playing its part in promoting and supporting MSMEs growth across the country.

Also, the Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, said the bank was committed to supporting MSMEs.

“In 2008, we focused on MSMEs with particular attention on women and youths.

“94 per cent of all businesses are MSMEs; 66 per cent of that, are owned by women and youths.

“That is the reason for our focus; we want to be known as Nigeria’s MSMEs bank,” he said