The Federal Government has announced a target to support at least 175,000 small business owners in Ogun State through its N150 billion presidential loan scheme aimed at boosting MSMEs across Nigeria. This was disclosed by Ogun State Manager of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Mr. Abiodun Awoniyi, during a town hall meeting in Abeokuta on Tuesday.
Awoniyi explained that this federal initiative will provide small and nano business owners with loans up to N1 million, while businesses with greater capacity could receive up to N1 billion. These loans, he noted, have a three-year repayment period, with a three-month grace period on interest payments and six months on both interest and principal. Business owners can apply online or visit any Bank of Industry branch for assistance.
“The essence of the town hall meeting is to educate our people, the business owners, on the Federal Government loan scheme,” Awoniyi said. “The truth is you don’t have to know anyone to benefit. Once you’re registered and meet the requirements, you’ll be considered for the loan.”
He urged Ogun State entrepreneurs to take advantage of this program and overcome skepticism about government initiatives. “Our people are quick to doubt the good intentions of the government; unfortunately, Ogun State residents are among the lowest in accessing such benefits. This is a call to embrace the opportunity and strengthen your businesses, creating more employment in the process,” he added.
Echoing this message, the State Manager of the Bank of Industry (BOI), Mr. Michael Agidani, confirmed that over 20,000 Ogun residents had already benefited from N1 billion in funding through the Federal Government’s N50 billion cash grant. He encouraged more businesses to apply for the new presidential loan, noting that applicants must register with the Corporate Affairs Commission, have a National Identification Number, Bank Verification Number, and a guarantor who is either a civil servant or professional.
Commissioner for Industry, Trade, and Investment, Mr. Adebola Sofela, added that the N200 billion Presidential Intervention Fund, which includes the Presidential Conditional Grant and Loan Schemes, is a valuable resource for MSMEs and manufacturers seeking to expand. Represented by Mrs. Oluyemisi Somorin-Dawodu, Special Adviser to Governor Dapo Abiodun on Investment, Sofela highlighted the program’s potential to help businesses increase capacity and support the local economy. He praised President Bola Tinubu’s commitment to empowering MSMEs and urged businesses to make the most of this opportunity, promising ministry support for those encountering challenges with registration.
This initiative reaffirms the Federal Government’s commitment to fostering a vibrant MSME sector to drive sustainable economic growth.
