In a significant boost for Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), the Federal Government, in partnership with the Bank of Industry (BOI), has launched an intervention program aimed at supporting 75,000 businesses across the country. Through this initiative, each selected enterprise will receive up to one million naira in funding at a single-digit interest rate, providing an accessible financing option for small business owners.
The program underscores the government’s commitment to empowering the MSME sector, which serves as a backbone of the Nigerian economy and a critical source of employment. By offering loans at a reduced interest rate, the intervention seeks to alleviate the financial burdens faced by small business owners and encourage economic growth and job creation nationwide.
“The collaboration with the Bank of Industry aims to provide MSMEs with the capital needed to expand their operations, enhance productivity, and stimulate local economies,” said a government representative at the launch event.
The single-digit interest rate is expected to make the loans more accessible, helping small business owners scale up operations without the heavy financial strain often associated with high-interest loans. This initiative is part of broader efforts to address economic challenges and support Nigeria’s emerging entrepreneurs, particularly in the wake of recent economic difficulties.
The intervention program is set to roll out in phases, with the application process and eligibility criteria to be announced by the BOI in the coming weeks.
