BOI Urges Anambra MSMEs to tap into N75 Billion Federal Loan for Business Growth

The Bank of Industry (BOI) has called on Micro, Small, and Medium Enterprises (MSMEs) in Anambra State to take advantage of the N75 billion federal government loan designed to facilitate business expansion and economic development. Speaking at a stakeholders’ meeting and the official launch of MSME development clusters across Anambra’s 21 local government areas, BOI State Manager, Mr. Chibuzor Orji, underscored the significance of accessing available funding to enhance business sustainability.

He revealed that the BOI is collaborating with the Anambra chapter of the Nigerian Association of Small and Medium Enterprises (NASME) to ensure entrepreneurs within the state fully benefit from the scheme. Orji stated that NASME members could access loans of up to N5 million, depending on their business scale and strategic growth plan. To support prospective applicants, he provided a comprehensive presentation outlining the loan application procedure, addressing concerns regarding the BOI’s online portal, and clarifying eligibility requirements. He urged business owners to capitalize on the opportunity, emphasizing that financial support is essential for expanding small enterprises and generating employment.

At the inauguration of the MSME development clusters, NASME State Chairman, Mr. Chinemerem Oguegbe, described the initiative as a vital effort in strengthening rural businesses. He noted that these clusters would act as hubs to provide business owners in remote areas with crucial information, training, and access to financial opportunities. According to him, equipping entrepreneurs with both knowledge and funding would enable small businesses to develop into significant contributors to Anambra’s economy.

“Given the pivotal role MSMEs play in driving economic growth, it is essential to prioritize capacity-building for business owners across all 21 local government areas. These clusters will not only expose them to financial opportunities but also teach fundamental business principles necessary for long-term success,” Oguegbe stated.

He illustrated the potential impact of the initiative, explaining that poultry farmers in rural areas could scale their businesses beyond subsistence farming to serve larger markets and create job opportunities. Likewise, small-scale retailers could be trained on how to structure their businesses effectively to qualify for financial support and achieve expansion.

During the event, business leaders, including Mr. Okorie Kalu, CEO of Uwamaenyi Technical Works Limited and a NASME member, expressed their commitment to meeting the required criteria for loan eligibility. He praised the federal government for introducing the initiative, emphasizing that the funds would help MSMEs overcome financial challenges and contribute to Nigeria’s broader economic revitalization.

The N75 billion loan, provided by the federal government through the BOI, is part of a national effort to strengthen MSMEs, stimulate economic progress, promote self-reliance, and reduce unemployment. Entrepreneurs in Anambra are encouraged to engage with NASME and BOI to gain insight into the loan requirements and secure funding to expand their businesses.