Micro, Small, and Medium enterprises in Nigeria will start to access loans disbursed by the federal government, come January 2024.
This announcement was made by the vice president on Tuesday, 19th December 2023. The VP said they have collaborated with the Bank of Industry and valid business owners can now benefit when the program – BOI-FG single-digit loans for MSMEs commences.
According to a statement signed by the Senior Special Assistant to the President on Job Creation & MSME, Temitola Adekunle-Johnson, “The loans totaling about N75bn will be given to small businesses nationwide at an interest rate of 9 percent.”
Adekunle-Johnson also shared that the Federal Government and the Bank will use current systems to offer loans to small businesses, specifically aiming at women and young people. He further mentioned that the government headed by Tinubu has worked together with various groups from both public and private sectors previously to offer extensive assistance to MSMEs through grants and loans.
All of these aren’t just happening as Vice President Kashim Shettima spoke 6 months ago about the plans to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible.
The Vice President confirmed that the Federal Government acknowledges the important contribution of Micro, Small, and Medium Enterprises in boosting economic growth, generating employment, and encouraging innovation. He mentioned that for this reason, the government plans to offer assistance by creating favorable conditions and enhancing financial access for MSMEs.
“The administration would provide support, fostering an enabling environment and improving access to finance for MSMEs. So, all stakeholders must come together to champion the growth and success of MSMEs to achieve sustainable development for all while we also recognize the plethora of issues that face MSMEs as a result of the subsidy removal.” He said.
