The Nigerian government has approved a N75 billion loan scheme with a 9% interest rate for 75,000 Micro, Small, and Medium Enterprises (MSMEs) across the country.
Scheduled for launch in 2025, the initiative seeks to enhance economic development by focusing on businesses owned by women and youth, generating employment opportunities, and invigorating local economies.
Alhaji Mohammed Idris, the Minister of Information and National Orientation, indicated that this program is in line with President Bola Tinubu’s Renewed Hope Agenda, highlighting the government’s dedication to economic reform.
“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,” he said.
The loan scheme is a collaboration between the Federal Government, the Bank of Industry (BOI), and state governments. It offers single-digit interest rates, with individual loans capped at N1 million, aiming to alleviate production challenges, particularly those arising from the recent fuel subsidy removal.
BOI’s Enugu Branch Head, Mrs Anuli Akabogu, said: “The government understands the burdens MSMEs face; this fund is intended to ease the cost of production.”
At an event in Akwa Ibom, Commissioner for Trade and Investment, John James, encouraged prudent use of the loan, saying, “This is an opportunity to scale your businesses responsibly. MSMEs drive economies globally, and we want the same for Nigeria.”
To inform potential recipients, government agencies like the Corporate Affairs Commission and Federal Inland Revenue Service are working together to promote the scheme and explain the application process.
In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, praised President Tinubu’s focus on economic empowerment, saying, “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.”
BOI officials have stressed the importance of following the correct application procedures, with Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, warning applicants 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,” he advised.
Applicants must provide key documents, including a federal civil service guarantor, to qualify. BOI manager in Ogun State, Mr Michael Agidani, shared that N1 billion has already been disbursed to MSMEs in the state.
With the scheme now rolling out, the government aims to enhance national economic resilience, expand export capacities, and fulfil President Tinubu’s vision of a revitalised Nigerian economy.
