'Apply now' - FG, BOI to begin disbursement of N75bn loans to small business owners, women, youths

In partnership with the Bank of Industry (BOI), the Nigerian government has perfected plans to disburse N75 billion to Micro, Small, and Medium Enterprises (MSMEs) across the country in January 2024.

The Senior Special Assistant to the President on MSMEs and Job Creation (Office of the Vice President), Temitola Adekunle-Johnson, disclosed this on Tuesday, December 19, 2023.

He said the beneficiaries would enjoy a 9% single-digit loan interest, stating that the scheme targeted women and youths.

The presidential aide stated that the move was part of a plan to keep President Bola Tinubu’s promise to support the transformation of MSMEs in Nigeria.

Reports say Adekunle-Johnson stated that the Nigerian government and the bank would leverage existing platforms and infrastructure to provide loans to small businesses, women, and youths.

Per the presidential aide, the upward review of the Access Bank loan scheme from N30 billion to N50 billion proves the government’s effort to partner with the private sector. The statement also said the administration committed to supporting MSMEs in grants and loans.