Nigeria Raises Single Digit Loans to N5m for SMEs
The Federal Government has raised the amount small businesses could access on single digit loans to 5 million Naira to ensure the country’s inclusive economic growth.
The Managing Director and Chief Executive Officer, Bank of Industry, Dr Olasupo Olusi, made the announcement on Friday during a town hall sensitisation in Lagos on the Federal Government Grant and Loan Scheme.
The event was organised by the Federal Ministry of Finance in collaboration with the Federal Ministry of Industry, Trade and Investments, the Presidency, Bank of Industry and other stakeholders.
Olusi, represented by Umar Shekarau, Executive Director, MSMEs, BoI, praised President Bola Tinubu for the availability of N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises.
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 Bank of Industry nationwide, was already sitting in the bank ready to be disbursed to beneficiaries at just 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.
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 Bank of Industry nationwide, was already sitting in the bank ready to be disbursed to beneficiaries at just 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.
Punch/Hauwa Abu
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