The Federal Government has raised the maximum loan amount available to Micro, Small, and Medium Enterprises (MSMEs) under its single-digit interest loan scheme to N5 million, as part of efforts to promote inclusive economic growth.
The announcement was made by Dr. Olasupo Olusi, Managing Director and CEO of the Bank of Industry (BoI), during a town hall sensitization event held in Lagos. Represented by Umar Shekarau, Executive Director for MSMEs at BoI, Olusi highlighted the significance of the initiative, supported by the Federal Ministry of Finance, the Federal Ministry of Industry, Trade and Investments, and other key stakeholders.
Olusi commended President Bola Tinubu for allocating a N200 billion Presidential Intervention Fund for MSMEs, of which N75 billion is earmarked for the conditional grant and loan scheme. The initiative is expected to generate thousands of direct and indirect jobs nationwide.
The BoI CEO noted that the funds, available at a 9% interest rate, are ready for disbursement. He encouraged MSME owners to apply directly to the BoI or through its online platform without intermediaries. Over 800,000 Nigerians, including youth, women, and persons with disabilities, have already benefited from the program.
“The integrity of BoI remains paramount, and we ensure funds are disbursed transparently,” Olusi said.
The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, explained that the increased loan cap, raised from N1 million to N5 million, is designed to help businesses overcome challenges like inadequate access to finance and poor infrastructure.
“The loan comes with a 9% interest rate and a three-year tenure. MSMEs can access up to N5 million in single-digit loans,” Adekunle-Johnson noted.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Ahmed Gazalli, emphasized the government’s commitment to supporting MSMEs as the backbone of Nigeria’s economy. He described the event as a pivotal step toward economic empowerment and sustainable growth.
Minister of State for Industry, Trade, and Investment, Senator John Eno, reaffirmed the government’s dedication to initiatives that improve Nigerians’ welfare. He called for collaboration among stakeholders to eliminate barriers to MSME growth.
Special Adviser on Industry, Trade, and Investment, John Uwajumogu, also highlighted the benefits of financing industries to achieve inclusive economic development.
The event featured testimonials from beneficiaries, including vegetable farmer Akor Goddy, nanny Angela Christopher, and food vendor William Asuquo, who shared how the program has impacted their businesses.
The initiative, held simultaneously across six states, underscores the government’s focus on empowering small businesses and ensuring Nigeria’s economic resilience.
