FG, BoI to disburse N75bn loans to MSMEs in 2024

In a concerted effort to strengthen the Micro, Small, and Medium Enterprises (MSMEs) sector, the Office of the Vice-President has joined forces with the Bank of Industry (BOI) to launch a comprehensive loan distribution program slated to commence in January 2024.

Mr. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice-President, unveiled this crucial development in a statement released on Tuesday in Abuja, as reported by the News Agency of Nigeria (NAN).

Adekunle-Johnson emphasized that this strategic collaboration is in line with President Bola Tinubu’s unwavering commitment to enhancing the transformation of the MSMEs landscape nationwide.

The loans, totaling approximately N75 billion, are poised to be disbursed to small-scale businesses throughout the country at an interest rate of nine per cent, representing a significant impetus for entrepreneurial ventures.

The official underscored that the Federal Government, in tandem with the Bank of Industry, aims to leverage existing channels to distribute the loans, with a specific focus on women and youths engaged in entrepreneurial activities.

Adekunle-Johnson highlighted the collaborative efforts of Tinubu’s administration with various stakeholders from the public and private sectors. These joint initiatives have resulted in substantial support for MSMEs, including grants and loan facilities.

He further elucidated, stating, “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.”

This noteworthy initiative aims to fortify the foundation of the Nigerian economy by empowering small-scale businesses, fostering economic growth, and ensuring stability across various sectors.