The Federal Government in collaboration with the Bank of Industry (BOI) has concluded plans to commence the disbursement of N75 billion to Micro, Small and Medium Enterprises (MSMEs) across the country by January 2024.
This disclosure is contained in a statement signed by the Senior Special Assistant to the President on MSMEs and Job Creation (Office of the Vice President), Temitola Adekunle-Johnson, on Tuesday, December 19, 2023, in Abuja.
Adekunle-Johnson said the beneficiaries will enjoy a single digit interest rate of 9% on the loans, adding that the loan initiative was targeted mostly at women and youths.
Adekunle-Johnson said that the move was part of an effort in keeping to President Bola Tinubu’s promise to support the transformation of the MSMEs space in the country.
Adekunle-Johnson explained that the Federal Government and the bank would leverage existing platforms to provide the loans to small businesses, targeting women and youths.
He added that the Tinubu-led government has 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 N30 billion to N50 billion.
Adekunle-Johnson said,
The statement also revealed that the present administration is committed to providing massive support to MSMEs both in grants and loans.
He said that Tinubu’s Federal Government since assumption of office collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.
