FG, BOI to share N75bn loan to MSMEs
Adekunle further stated that the lending effort was primarily aimed at women and youths.
The Federal Government, in partnership with the Bank of Industry (BOI), will begin disbursing loans totaling N75 billion to micro, small, and medium-sized businesses across the country.
This notice was contained in a statement signed by Temitola Adekunle Johnson, Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, who stated that the beneficiaries will benefit from a 9% interest rate on the loans.
Johnson further stated that the lending effort was primarily aimed at women and youths.
He went on to say that the Tinubu-led government had previously worked with partners from the public and private sectors to give enormous support for MSMEs in the form of grants and loans.
According to the Presidential aide, the Access Bank lending package for MSMEs was recently increased from N30 billion to N50 billion.
“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he said
The statement also revealed that the present administration is committed to providing massive support to MSMEsboth in grants and loans