The Federal Government has increased the amount small businesses could access on single-digit loans to N5 million to ensure Nigeria’s inclusive economic growth.

The Managing Director and Chief Executive Officer of the Bank of Industry (BoI), Dr Olasupo Olusi, announced this at a town hall sensitisation on the Federal Government Grant and Loan Scheme in Lagos on Friday, November 29, 2024.

The event was organised by the Federal Ministry of Finance in collaboration with the Federal Ministry of Industry, Trade and Investments, the Presidency, BoI, and other stakeholders.

Olusi, who was represented by the Executive Director of MSMEs at BoI, Umar Shekarau, commended President Bola Tinubu for the availability of N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).

He said N75 billion out of the presidential conditional grant and loan scheme, was targeted for MSMEs, adding that the initiative was expected to create thousands of direct and indirect jobs nationwide.

The BoI boss said the fund, facilitated through the BoI nationwide, was already in the bank with the readiness to be disbursed to beneficiaries at nine per cent interest.

He urged business owners to approach the BoI or register online, without going through intermediaries, to benefit from loans and grants.

Olusi said: “Over 800,000 Nigerians have benefited and there is room for including youths, women, physically challenged and all Nigerians.

“We maintain our integrity as BoI and disburse the funds.”

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The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, disclosed that successful applicants will receive an increased loan of N5 million.

This is against the previous N1 million benchmark earmarked to boost their business operations.

Adekunle-Johnson said Tinubu gave the funds to cushion the effects of challenges experienced by businesses including access to finance and infrastructure, among others.

“The loan is nine per cent three years’ tenure. A single MSME can collect up to N5 million single digit,” he added.

Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, listed interventions of the Presidency for small businesses and the manufacturing sector and the success recorded so far.

Edun, who was represented by Ahmed Gazalli, said the event marked a pivotal moment in the government’s collective journey toward economic empowerment and sustainable growth.

Edun said the government was focused on driving MSME growth and the success of the manufacturing sector to properly reposition Nigeria’s economy.

“It is common knowledge that MSMEs are the backbone of the Nigerian economy and if we do not support our MSMEs to prosper, the Nigerian economy suffers,” the minister stressed.

The Star