The Federal Government of Nigeria (FGN), in partnership with the Bank of Industry (BOI), has launched an MSME loan initiative to empower 75,000 Micro, Small, and Medium Enterprises (MSMEs) nationwide. This program offers eligible MSMEs loans of up to N1 million each, totaling N75 billion, at a single-digit interest rate, making affordable funding accessible for small business owners. According to Olusegun Dada, Special Assistant on Social Media to President Bola Tinubu, the application portal is now open to applicants across Nigeria.
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Objectives of the FGN/BOI MSME Loan Program
The loan program is tailored to support Nigerian MSMEs by:
- Reducing Production Costs: Helping businesses manage operational expenses for greater profitability and sustainability.
- Creating Jobs: Assisting MSMEs in expanding operations to generate employment, fostering economic growth.
- Enhancing Agricultural Output: Supporting MSMEs in agriculture to improve productivity and contribute to the nation’s food security.
- Driving Economic Development: Empowering small businesses to strengthen Nigeria’s economy and encourage self-reliance.
How to Apply for the FGN/BOI MSME Loan
Interested MSMEs can apply through the following steps:
- Access the Application Portal: Visit the official portal at https://fgnboimsmeinterventionloan.boi.ng/.
- Complete the Application Form: Fill out the form with accurate information on your business and funding needs.
- Upload Required Documents: Submit supporting documents, such as proof of business registration, to verify eligibility.
- Review and Disbursement: Applications will be reviewed, and approved funds will be disbursed directly to the designated accounts.
Benefits of the FGN/BOI MSME Loan Program
This program’s single-digit interest rate makes it a sustainable option for small businesses needing financial support. This initiative is designed to ease the burden of high-interest loans, enabling entrepreneurs to focus on growth and development.
FGN’s Broader Financial Access Goals
In addition to this partnership with BOI, the Federal Government has recently joined forces with Mastercard to improve digital financial access for over one million farmers across Nigeria, Kenya, and Tanzania, promoting inclusion in rural areas.
FGN’s Ongoing Commitment to MSMEs
The FGN/BOI MSME loan program reinforces the Federal Government’s commitment to fostering a resilient, diversified economy. By supporting MSMEs, this initiative aims to reduce unemployment, encourage economic stability, and support small businesses in thriving within Nigeria’s economic landscape.
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