
The Nigerian government has announced a significant financial initiative aimed at bolstering the country's economic landscape by supporting Micro, Small, and Medium Enterprises (MSMEs).
This new scheme, set to launch in 2025, involves a N75 billion loan program with a favorable nine percent interest rate, specifically targeting 75,000 MSMEs across the nation.
Minister of Information and National Orientation, Alhaji Mohammed Idris, emphasized the strategic importance of this initiative during a town hall meeting in Abuja. He stated, “This scheme is a concrete manifestation of Tinubu’s commitment to economic transformation.
By focusing on MSMEs, which are the backbone of our economy, we aim to diversify income streams, boost exports, and provide valuable job opportunities.”
The loan program is a collaborative effort involving the Federal Government, the Bank of Industry (BOI), and state governments. It offers single-digit interest rates, with individual loans capped at N1 million.
This move is designed to alleviate some of the challenges faced by MSMEs, particularly the high production costs that have arisen following the recent removal of fuel subsidies.
Mrs. Anuli Akabogu, Head of BOI’s Enugu Branch, highlighted the government's understanding of these burdens, stating, “The government understands the burdens MSMEs face; this fund is intended to ease the cost of production.”
To ensure the effective use of these funds, John James, Commissioner for Trade and Investment in Akwa Ibom, urged beneficiaries to utilize the loans responsibly.
“This is an opportunity to scale your businesses responsibly. MSMEs drive economies globally, and we want the same for Nigeria,” he said.
The application process requires potential recipients to present key documents, including a federal civil service guarantor.
Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, warned applicants against fraud, advising them to apply directly through BOI branches to avoid middlemen.
Governor Uba Sani of Kaduna, represented by his Special Adviser on Economic Matters, praised the initiative as a testament to President Tinubu’s dedication to economic empowerment.
“This initiative proves Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will revitalize not just the local economy but bolster our national strength,” he noted.
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