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FG, BOI to Disburse N75bn Loan to MSMEs in 2024

December 19, 2023 • 2 min read

The Office of the Vice-President on Tuesday said it would commence the disbursement of loans to micro, small and medium-sized enterprises in collaboration with the Bank of Industry in January 2024.

“The loans totaling about N75bn will be given to small businesses nationwide at an interest rate of 9 per cent,” a statement signed by the Senior Special Assistant to the President on Job Creation & MSMEs, in the Office of the Vice President, Temitola Adekunle-Johnson, revealed Tuesday.

The statement was titled ‘BOI-FG single digit loans for MSMEs to commence Jan 2024.’

Adekunle-Johnson said the FG and the bank would leverage existing platforms to provide loans to small businesses, targeting women and youths.

He added that the Tinubu-led government had collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans in the past.

The Presidential aide cited the recent upward review of the Access Bank loan scheme for MSMEs from N30bn to N50bn.

“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he stated.

Tuesday’s announcement came six months after Vice-President Shettima assured Nigerian small business owners that the Tinubu-led administration would hasten access to single-digit loans for them within the shortest time feasible.

“The government is working urgently to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible,” Shettima had said in his message to mark the 2023 World Micro Small and Medium Enterprises Day on June 27, 2023.

The VP had affirmed that the FG recognised the vital role that micro, S
small, and medium enterprises play in driving economic growth, creating jobs, and promoting innovation.

He said the administration would provide support, fostering an enabling environment and improving access to finance for MSMEs.

Therefore, Shettima urged “all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all, while we also recognize the plethora of issues that face MSMEs as a result of the subsidy removal.

“However, the government is working urgently to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible.”