The Federal Government of Nigeria has collaborated with the Bank Of Industry (BOI) to distribute N75 billion worth of loans to business (MSMEs) owners in the West African country.
This was disclosed in a statement released by the Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, Temitola Adekunle Johnson.
According to the statement, the business owners include micro, small and medium enterprises (MSMEs) operators.
The beneficiaries will be granted an interest rate of 9% on the loans granted.
The special assistant also explained that the demography most targeted by the loan includes women and youths.
He continued by saying that the Tinubu-led administration has previously worked closely with partners in the public and private sectors to offer significant grants and loans to MSMEs.
The Presidential Aide also mentioned the latest increase in the Access Bank MSMEs lending program from N30 billion to N50 billion.
