The collaboration between the federal government and the Bank of Industry (BOI) is set to kick-start the distribution of N75 billion in loans to micro, small, and medium enterprises (MSMEs) nationwide.
The Special Assistant to the President on MSMEs and Job Creation, Mr. Temitola Adekunle Johnson, revealed that beneficiaries will enjoy a low-interest rate of 9 percent.
The initiative is strategically aimed at supporting women and youths, aligning with the government’s commitment to empowering MSMEs through grants and loans.
Mr. Johnson highlighted previous successful collaborations with public and private sector stakeholders, citing the recent increase in Access Bank’s loan scheme for MSMEs from N30 billion to N50 billion.
The administration remains steadfast in providing substantial support to MSMEs, fostering economic growth and livelihood improvement.
