Nigerian MSMEs can access a new N75bn fund with single-digit interest rates, designed to foster growth and development for small businesses across the nation.
The Nigerian government has sanctioned a loan initiative amounting to N75 billion, featuring a nine per cent interest rate, aimed at supporting 75,000 Micro, Small, and Medium Enterprises (MSMEs) throughout the country.
Set to commence in 2025, this program is designed to promote economic development by focusing on enterprises owned by women and youth, thereby generating employment and invigorating local economies.
During a town hall meeting in Abuja, Minister of Information and National Orientation, Alhaji Mohammed Idris, emphasized the initiative’s objectives, highlighting its alignment with President Bola Tinubu’s Renewed Hope Agenda.
He stated that this scheme exemplifies Tinubu’s dedication to economic reform, with a focus on MSMEs, which are crucial to the economy, aiming to diversify income sources, enhance exports, and create significant job opportunities.
The loan program, a collaborative effort involving the Federal Government, the Bank of Industry (BOI), and state governments, will offer loans capped at N1 million with single-digit interest rates, addressing the high production costs faced by MSMEs, particularly following the recent removal of fuel subsidies.
Mrs. Anuli Akabogu, Head of the BOI’s Enugu Branch, reiterated the government’s awareness of the challenges confronting MSMEs, stating that the fund is intended to alleviate production costs.
At a sensitization event in Akwa Ibom, Commissioner for Trade and Investment, John James, encouraged beneficiaries to use the loan wisely, emphasizing the potential for responsible business growth.
To ensure outreach to potential recipients, various government agencies, including the Corporate Affairs Commission and the Federal Inland Revenue Service, are collaborating to inform business owners about the application process. In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, commended President Tinubu’s commitment to economic empowerment.
Peoplesmind
