The Federal Government of Nigeria has introduced a N75 billion loan programme aimed at supporting 75,000 Micro, Small, and Medium Enterprises (MSMEs) nationwide, particularly targeting women- and youth-led ventures.
Set to launch in 2025, the initiative offers loans at a nine per cent interest rate and aligns with President Bola Tinubu’s “Renewed Hope Agenda” for economic growth.
At a recent town hall meeting in Abuja, Minister of Information and National Orientation Alhaji Mohammed Idris emphasized the initiative’s strategic importance and highlighted the administration’s focus on strengthening MSMEs.
“This scheme is a concrete manifestation of Tinubu’s commitment to economic transformation,” Idris stated. “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 scheme, a collaboration between the Federal Government, the Bank of Industry (BOI), and various state governments, offers loans up to N1 million with a single-digit interest rate.
This provision is intended to alleviate financial pressures on small business owners, especially amid increased production costs following the recent removal of the fuel subsidy.
Mrs Anuli Akabogu, BOI’s Enugu Branch Head, addressed the impact of these challenges during a regional event.
“The government understands the burdens MSMEs face; this fund is intended to ease the cost of production,” she noted.
State leaders and officials across Nigeria have welcomed the initiative. In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, commended the project as an essential step in empowering Nigerian entrepreneurs.
“This initiative proves Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will revitalise not just the local economy but bolster our national strength,” he remarked.
According to Mr Michael Agidani, the BOI manager in Ogun State, the loan rollout has already begun, with the BOI disbursing an initial N1 billion in Ogun State.
Government agencies such as the Corporate Affairs Commission and the Federal Inland Revenue Service have also been engaging MSME owners nationwide to inform them about application criteria.
Applicants are advised to follow official procedures to avoid fraud.
“This loan has a fixed interest rate with no hidden fees. Visit any BOI branch to apply directly; don’t fall victim to middlemen,” warned Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation.
With robust support from local and federal government offices, the scheme is anticipated to foster job creation, expand export capacities, and strengthen Nigeria’s economy.