BOI-FGN Single Digit Loans For MSMEs To Commence January 2024

In keeping to President Bola Ahmed Tinubu’s promise to support the transformation of the MSME space in Nigeria, the Office of the Vice President in collaboration with the Bank of Industry is set to commence the disbursement of loans to MSMEs by January 2024.

The loans, totalling about N75 billion, will be given to small businesses across the country at an interest rate of 9 percent.

The Federal Government and the Bank will leverage existing platforms to provide the loans to small businesses, targeting women and youths.

Recall that the Federal Government has since the coming to office of the Tinubu administration, collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.

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Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.

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