The Federal Government has released N75 billion in single-digit interest loans aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across the country through the Bank of Industry (BOI) as part of a broader initiative to aid small businesses in the wake of recent subsidy cuts.
Mr. Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs in a statement at a town hall meeting in Abuja, emphasise the significance of the initiative. The meeting, held simultaneously in Ogun, Bauchi, Enugu, and Kaduna states, was organized to educate MSME owners on accessing the funds under the Presidential Grant and Loan Scheme.
“We are here today to sensitize MSMEs to the loan which is currently open all over the country,” Adekunle-Johnson stated, adding that MSMEs could walk into any Bank of Industry branch to apply.
“This is the one and only single-digit loan you can get at nine percent interest with no hidden charges, and it can provide up to N1 million,” he emphasized.
He cautioned applicants to avoid intermediaries seeking fees for loan processing, encouraging them to approach BOI directly.
Adekunle-Johnson further underscored the BOI’s role as a key implementing partner for the scheme, offering guidance to ensure quick access for qualified 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.
Dr. Olasupo Olusi, Managing Director of BOI, represented by Mabel Ndagi, Executive Director of Public Sector and Interventions, provided additional insight. Dr. Olusi highlighted the broader N200 billion Presidential Intervention Fund designated for MSMEs and manufacturing enterprises, aimed at fostering economic growth and job creation. “Despite their significant contributions, MSMEs often struggle with funding. The Federal Government’s intervention fund addresses this gap, and BOI is committed to supporting these businesses as a driving force of the non-oil economy,” Olusi said.
Echoing this commitment, Mr. Roosevelt Ogbonna, Managing Director of Access Bank Plc, reaffirmed his institution’s focus on MSME development, with particular attention to women- and youth-led enterprises. “Ninety-four percent of all businesses are MSMEs, with women and youth representing 66 percent of them. We want to be recognized as Nigeria’s MSME bank,” Ogbonna said, highlighting Access Bank’s dedication to this sector since 2008.
This federal intervention and the collaborative support from financial institutions such as BOI and Access Bank signal a promising boost for MSMEs, which remain vital to Nigeria’s economic resilience and employment generation in key sectors like agriculture, manufacturing, and services.