Source: Punch Newspaper
The Federal Government has raised the loan ceiling for small businesses to N5 million, aiming to drive inclusive economic growth. This was disclosed by the Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, during a town hall sensitization event in Lagos on Friday. The event, organized by the Federal Ministry of Finance in collaboration with various government stakeholders, highlighted the Federal Government’s Grant and Loan Scheme.
Representing Olusi, Umar Shekarau, BoI Executive Director for MSMEs, commended President Bola Tinubu for the N200 billion Presidential Intervention Fund allocated to Micro, Small, and Medium Enterprises (MSMEs). He noted that N75 billion from this fund is specifically designated for MSMEs, aiming to create thousands of jobs nationwide. The loans, offered at a nine percent interest rate, are readily available for disbursement via the BoI. Entrepreneurs were urged to apply directly with the BoI by visiting its offices or registering online, avoiding intermediaries.
Olusi also revealed that over 800,000 Nigerians have already benefited from the scheme, with remaining opportunities for youths, women, and people with disabilities. The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, confirmed the loan cap increase to N5 million, up from N1 million, providing stronger support for businesses grappling with challenges like finance access and infrastructure deficits.
Finance Minister Wale Edun, represented by Ahmed Gazalli, reiterated the government’s commitment to MSME development and the revival of the manufacturing sector, which he described as foundational to Nigeria’s economic strategy. MSMEs, he said, are the backbone of Nigeria’s economy, with their growth being critical to national economic stability.
Minister of State for Industry, Trade, and Investment, Sen. John Eno, emphasized the government’s focus on eliminating growth barriers through cross-sector collaboration, calling such efforts vital for Nigeria’s long-term prosperity.
Other speakers, including Special Adviser to the President on Industry, Trade, and Investment, Mr. John Uwajumogu, stressed the importance of financial support for industries to stimulate inclusive growth.
The event, held simultaneously in six states, saw participation from various MSME owners, including vegetable farmer Akor Goddy from Badagry, nanny Angela Christopher, and food vendor William Asuquo from Isolo, Lagos.
