FG, BOI To Distribute N75bn Single Digit Loan To MSMEs

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.

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.

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

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