FG, BOI To Distribute N75bn Single Digit Loan To MSMEs

IMG 3173

The Federal Government in collaboration with the Bank Of Industry (BOI) will begin the disbursement of loans worth N75billion  to micro, small and medium enterprises across the country.

This notice was contained in a statement signed by the Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, Temitola Adekunle Johnson, who said the beneficiaries will enjoy an interest rate of 9% on the loans.

Also Read:  FIRS Pledges Collaboration with KW-IRS on Improved Revenue Generation

Johnson also explained that the loan initiative was targeted mostly at women and youths.

He added that the Tinubu-led government has collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans in the past.

Also Read:  Senate approves $800m World Bank loan for FG

The Presidential aide cited the recent upward review of the Access Bank loan scheme for MSMEs from N30bn to N50bn.

“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he said

Also Read:  Quickteller Introduces Smart PoS

The statement also revealed that the present administration is committed to providing massive support to MSMEsboth in grants and loans.

Accurate News Nigeria chat

Yuletide: FG Slashes Public Transport Fare By 50%

Previous article

Police Kill Robbery Suspect, Recover Stolen Car In Kwara

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Economy