The Federal Government has increased the maximum amount small businesses can access under its single-digit loan scheme to ₦5 million, a move aimed at fostering inclusive economic growth across Nigeria.
The announcement was made on Friday by Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of the Bank of Industry (BoI), during a town hall sensitisation event in Lagos. Organised in collaboration with the Ministry of Finance, the Ministry of Industry, Trade and Investment, and other stakeholders, the event highlighted the expanded scope of the Federal Government’s Grant and Loan Scheme.
Olusi, represented by Umar Shekarau, Executive Director for MSMEs at BoI, commended President Bola Tinubu for earmarking a ₦200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs). Of this, ₦75 billion is specifically targeted at MSMEs, with the initiative expected to create thousands of jobs nationwide.
“The fund, sitting at the Bank of Industry and ready for disbursement, will be offered at an interest rate of just 9%,” Olusi stated, urging business owners to apply directly without intermediaries. He emphasised the scheme’s inclusivity, which prioritises women, youth, and people living with disabilities.
Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, noted that successful applicants could now access loans of up to ₦5 million, an increase from the previous cap of ₦1 million. The loans come with a three-year tenure and a single-digit interest rate.
The initiative, Adekunle-Johnson explained, is designed to cushion the economic challenges faced by Nigerian businesses, including limited access to finance and infrastructure deficits.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the administration’s commitment to economic empowerment and sustainable growth. Represented by Ahmed Gazalli, Edun described the scheme as pivotal to Nigeria’s economic repositioning.
“MSMEs are the backbone of the Nigerian economy. Supporting them is essential to ensuring our collective prosperity,” Edun said, urging all stakeholders to work collaboratively in removing barriers to small business growth.
Minister of State for Industry, Trade, and Investment, Senator John Eno, pledged government support for initiatives that enhance the welfare of Nigerians, while Special Adviser on Industry, Trade, and Investment, John Uwajumogu, highlighted the broader gains of financing industries for inclusive growth.
Beneficiaries, including vegetable farmer Akor Goddy from Badagry, nanny Angela Christopher, and food vendor William Asuquo from Isolo, shared stories of how the programme has supported their ventures.
The event, held simultaneously across six states, showcased the Federal Government’s resolve to empower small businesses as part of its broader economic agenda.
