In a recent development announced today, December 28, 2023, the Office of the Vice President, in collaboration with @BOINigeria, confirmed the commencement of the disbursement of loans to MSMEs starting January 2024.
These loans, amounting to N75 billion, will be provided to small businesses across Nigeria at a favorable interest rate of 9 percent. The initiative is part of President Bola Ahmed Tinubu’s commitment to transforming the MSME space in the country.
The Federal Government, in partnership with the Bank of Industry (BOI), is set to leverage existing platforms to ensure the efficient distribution of loans, with a targeted focus on supporting women and youth entrepreneurs.
This announcement follows the Federal Government’s continuous efforts, under the Tinubu administration, to collaborate with both public and private sector stakeholders in providing substantial support for MSMEs through grants and loans.
In a related development, Access Bank Plc has approved an upward review of its MSME loan scheme from N30 billion to N50 billion, reflecting the bank’s dedication to expanding the reach of its loan program and positively impacting more livelihoods.
Signed.
Office of the Senior Special Assistant to the President on Job Creation and MSMEs
