In a significant move poised to empower small businesses, the Federal Government, in collaboration with the Bank of Industry (BOI), has announced a groundbreaking initiative to disburse N75 billion in loans to Micro, Small, and Medium Enterprises (MSMEs) starting in January 2024.
Revealed by Mr. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, this strategic effort aligns with President Bola Tinubu’s commitment to transforming the MSMEs landscape across the nation.
The loans, totaling approximately N75 billion, carry an attractive interest rate of nine percent and are targeted at providing a significant boost to small-scale businesses throughout the country. The Federal Government and the Bank of Industry plan to leverage existing channels to ensure efficient loan disbursement, with a specific focus on supporting women and youth entrepreneurs.
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Adekunle-Johnson emphasized the collaborative approach, stating, “Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.” This move by Access Bank aims to broaden the impact of the bank’s loan scheme and benefit more livelihoods.
This initiative underscores the joint commitment of the Federal Government and private sector stakeholders to strengthen the backbone of the Nigerian economy. With a focus on grants and loan facilities, the aim is to foster economic growth and stability across various sectors, ultimately empowering MSMEs and contributing to national development.
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