The Federal Government has unveiled an innovative programme aimed at supporting more than 75,000 Micro, Small, and Medium Enterprises (MSMEs) through a ₦75 billion loan initiative.
Set to commence in 2025, the scheme provides low-interest loans designed to stimulate economic growth, generate employment, and foster innovation nationwide.
Given that MSMEs account for over 45% of Nigeria’s GDP and 90% of employment, this initiative is anticipated to have a profound economic impact. Beneficiaries can access loans of up to ₦5 million at a 9% interest rate, with a repayment period of three years.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BoI), highlighted the programme as a reflection of President Tinubu’s dedication to inclusive economic growth.
“The funds are prepared for disbursement to qualifying businesses at favorable rates. Over 800,000 Nigerians have already benefited from earlier initiatives,” Olusi stated during an awareness session in Lagos.
In Delta State, Governor Sheriff Oborevwori commended the Federal Government’s initiative, announcing that more than 24,000 beneficiaries in the state had received grants amounting to ₦1.2 billion.
Represented by Commissioner Orode Uduaghan, Governor Sheriff Oborevwori encouraged beneficiaries to use the funds to grow their businesses, stating, “This initiative underscores our dedication to creating a business-friendly environment.”
In Sokoto, Bank of Industry (BoI) Manager Hajiya Habiba Sambawa revealed that ₦50 billion from the first phase had already been allocated to nano-businesses.
The second phase targets MSMEs, offering loans of up to ₦5 million per enterprise to foster job creation and support economic diversification.
The programme prioritizes inclusivity, focusing on youth, women, and individuals with disabilities. Bank of Industry (BoI) officials encouraged entrepreneurs to apply directly, avoiding intermediaries.
In Borno, Governor Babagana Zulum highlighted the programme’s importance in revitalizing local economies. Represented by Abubakar Muhammed, he stated, “This initiative aids our recovery from insurgency by empowering traders, artisans, and ICT professionals.”
The scheme aligns with President Tinubu’s Renewed Hope Agenda, providing critical support to businesses and advancing Nigeria’s economic development.
