ABUJA, Nov. 6 (AGCNewsNet) – The Nigerian government has initiated the disbursement of N75 billion in single-digit loans to support Micro, Small, and Medium Enterprises (MSMEs) across the country. The loans, administered through the Bank of Industry (BOI), are aimed at bolstering economic growth and job creation within the sector.

The announcement was made by Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, during a nationwide town hall meeting in Abuja. The meeting, held simultaneously in Ogun, Bauchi, Enugu, and Kaduna states, was designed to educate MSMEs on how to access the loans and the conditions surrounding the Presidential Grant and Loan Scheme.

“These loans are offered at a single-digit interest rate of 9%, with no hidden charges. MSMEs can apply for loans of up to N1 million,” Adekunle-Johnson said, emphasizing that the initiative is open to businesses across the country. She also cautioned MSMEs to avoid falling victim to fraudsters who might demand bribes to process applications. "If you need any information, if you are not sure of anything, go to the Bank of Industry," she added.

The initiative is part of the N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises, which was established to provide financial support to businesses crucial to driving Nigeria’s non-oil economy. Olasupo Olusi, Managing Director of the Bank of Industry, explained that the fund aims to help MSMEs achieve their full potential and foster innovation and economic growth in sectors such as agriculture, manufacturing, and services.

Olusi also noted that despite MSMEs' significant contributions to the Nigerian economy, access to funding has remained a major challenge. "BOI is committed to supporting MSMEs in overcoming this hurdle and promoting sustainable growth," he stated.

Additionally, Roosevelt Ogbonna, the Managing Director of Access Bank Plc, underscored his bank's commitment to MSMEs, particularly focusing on women and youth-owned businesses, which make up a large proportion of the sector. "We want to be known as Nigeria’s MSMEs bank," Ogbonna said, reflecting the bank's dedication to supporting the sector's growth and sustainability.

The new loan scheme is expected to help accelerate economic recovery, create jobs, and support the growth of MSMEs in Nigeria.