The Federal Government of Nigeria has collaborated with the Bank of Industry (BOI) to introduce a support program targeting 75,000 Micro, Small, and Medium Enterprises (MSMEs) nationwide. This initiative, designed to foster economic growth, job creation, and agricultural productivity, offers eligible MSMEs access to N1 million loans at a favorable single-digit interest rate.
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Program Overview and Benefits
According to Olusegun Dada, Special Assistant to President Bola Tinubu on Social Media, this initiative reflects the government’s commitment to empowering small businesses. The program, with a total allocation of N75 million, seeks to help businesses reduce costs, expand production, and contribute to Nigeria’s economic growth.
In a statement on the official application website, the program highlights its support for MSMEs with goals to:
- Lower production expenses
- Expand employment opportunities
- Boost agricultural productivity
- Contribute to economic development
The portal for applications is now live, providing access for eligible MSMEs across Nigeria.
How to Apply
Interested MSMEs should visit the official application website, https://fgnboimsmeinterventionloan.boi.ng, to begin the application process. Applicants will need to complete an online form and upload the necessary documentation to establish their eligibility.
Requirements for Eligibility
To be eligible for the loan, MSMEs must provide:
- Valid business registration documents
- Proof of operational activities and potential for growth
- A comprehensive financial plan demonstrating loan usage toward productive costs
Submitted applications will undergo a review process, after which approved applicants will receive funds directly in their designated accounts.
A National Commitment to Economic Empowerment
The partnership between the Federal Government and BOI aims to strengthen Nigeria’s small business sector and promote sustainable economic growth. This program aligns with broader efforts, including a recent collaboration with Mastercard to increase digital financial access for farmers in Nigeria, Kenya, and Tanzania.
For more details on the program, visit the official application portal.
Source: The Cable
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