The Federal Government has officially commenced the disbursement of a N75 billion single-digit loan facility to Micro, Small, and Medium Enterprises (MSMEs) through the Bank of Industry (BoI). The announcement was made by Mr. Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, during a nationwide town hall meeting held to raise awareness about the Presidential Grant and Loan Scheme.
Speaking in Abuja, Adekunle-Johnson noted that simultaneous sensitisation events were also taking place in Ogun, Bauchi, Enugu, and Kaduna states. He highlighted that the initiative was approved by President Bola Tinubu as part of efforts to cushion the effects of subsidy removal on Nigerian businesses.
“MSMEs can walk into any Bank of Industry branch across the country and apply for this loan,” Adekunle-Johnson stated, adding that the scheme offers a single-digit interest rate of 9% with no hidden charges. He urged potential applicants to be wary of fraudulent intermediaries demanding money for loan access.
Adekunle-Johnson emphasized that his office is collaborating with the BoI to ensure a smooth implementation process. “If you need any information or have any concerns, please go to the Bank of Industry. Once you meet the necessary requirements, your application will be processed promptly,” he assured.
Dr. Olasupo Olusi, Managing Director of BoI, represented by Executive Director Mabel Ndagi, explained that the N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises is designed to boost economic growth and job creation in sectors such as agriculture, manufacturing, and services. Olusi acknowledged the vital role of MSMEs in Nigeria’s non-oil economy but pointed out that access to finance remains a major hurdle for these businesses.
In Ogun State, Governor Dapo Abiodun encouraged local entrepreneurs to leverage the fund to expand their businesses. Speaking at a town hall meeting in Abeokuta, Adebola Sofela, the state’s Commissioner for Industry, Trade, and Investment, urged MSMEs to take advantage of the scheme, which also includes a N50 billion Nano grant and a N75 billion loan package for larger businesses.
The BoI’s Ogun State Manager, Mr. Michael Agidani, specified that the N75 billion MSME loan is available for both existing businesses and start-ups registered with the Corporate Affairs Commission (CAC). Each business can access up to N1 million with a 9% interest rate, a repayment term of up to three years, and a three-month moratorium.
In Akwa Ibom, BoI State Manager Tolulope Toluwase outlined further conditions for accessing the loan, such as the need for a guarantor with a minimum Grade Level 10 in the Federal Civil Service, valid identification, and registration with the CAC. Toluwase stated that the scheme aims to support 75,000 MSMEs, creating up to 75,000 direct and 150,000 indirect jobs.
Local business owners, including laundry entrepreneur Mr. Daniel Olukoga and artisan leader Mr. Roshid Sodamola, praised the initiative for its potential to empower and uplift MSMEs across Nigeria.
