- The town hall meeting, organised in collaboration with the Ministries of Finance, Industry, Trade, and Investment, is taking place simultaneously in six states
The Federal Government has increased the maximum loan amount for small businesses under its single-digit interest loan scheme to N5 million, aimed at promoting inclusive economic growth.
Dr Olasupo Olusi, Managing Director of the Bank of Industry (BoI), announced the initiative on Friday at a Lagos town hall event on the Federal Government Grant and Loan Scheme.
Represented by Umar Shekarau, Executive Director for MSMEs at BoI, Olusi praised the availability of a N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).
Of this amount, N75 billion has been earmarked for MSMEs, with the initiative expected to generate thousands of direct and indirect jobs across Nigeria. Olusi noted that the loans, offered at a nine per cent interest rate over three years, are readily available and can be accessed online or through BoI offices without intermediaries.
“We maintain our integrity as BoI and disburse funds transparently. Over 800,000 Nigerians have already benefited, and there is room for many more, including women, youths, and people with disabilities,” he said.
Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, highlighted the increased loan cap from N1 million to N5 million as part of measures to support businesses facing challenges like limited access to finance and infrastructure.
The town hall meeting, organised in collaboration with the Ministries of Finance, Industry, Trade, and Investment, is taking place simultaneously in six states.
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