“Apply Now:” FG, BOI to Begin Disbursement of N75bn Loans to Small Business Owners, Women, Youths

• The Nigerian government is partnering with the Bank of Industry to provide loans to small businesses, women, and youths
• The loan will be at a 9% single-digit interest beginning from January 2024
• Presidential aide on MSMEs and Job Creation, Temitola Adekun-Johnson, disclosed this recently

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

In partnership with the Bank of Industry (BOI), the Nigerian government has perfected plans to disburse N75 billion to Micro, Small, and Medium Enterprises (MSMEs) across the country in January 2024.

The Senior Special Assistant to the President on MSMEs and Job Creation (Office of the Vice President), Temitola Adekunle-Johnson, disclosed this on Tuesday, December 19, 2023.

FG to use existing platforms to provide loans to Nigerians

He said the beneficiaries would enjoy a 9% single-digit loan interest, stating that the scheme targeted women and youths.

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The presidential aide stated that the move was part of a plan to keep President Bola Tinubu’s promise to support the transformation of MSMEs in Nigeria.

Reports say Adekunle-Johnson stated that the Nigerian government and the bank would leverage existing platforms and infrastructure to provide loans to small businesses, women, and youths.

Access Bank increases its loan scheme to N50 billion

According to him, the Tinubu-led government has partnered with stakeholders across the public and private sectors to support MSMEs in grants and loans.

Per the presidential aide, the upward review of the Access Bank loan scheme from N30 billion to N50 billion proves the government’s effort to partner with the private sector.

The statement also said the administration committed to supporting MSMEs in grants and loans.

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“Apply Now": FG releases application link for Presidential Grants, loans for businesses, others

Legit.ng reported that The Nigerian government has opened an application portal for its presidential conditional grant for nano businesses under the presidential palliative programme.

The initiative offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.

The federal government will partner with state governments, ministers, NASMEs, senators, and rep members, using specific selection criteria to shortlist beneficiaries.

Source: Legit.ng