The Bank of Industry (BOI) has reaffirmed its commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) through the ongoing disbursement of a N75 billion intervention fund aimed at strengthening small businesses, promoting job creation, and driving inclusive economic growth nationwide.
The fund, which targets the creation of over 75,000 direct jobs and 150,000 indirect jobs, is being rolled out in line with the federal government’s push to improve access to affordable financing for small businesses across all sectors.
BOI Managing Director, represented by the Divisional Head, Multilaterals Division, emphasised the importance of ensuring that all qualified entrepreneurs benefit from the scheme. He noted that while many applicants have been approved, some disbursements are delayed due to incomplete documentation and minor compliance issues. The Bank is actively working to resolve these challenges through direct stakeholder engagements like the recent Presidential Loan Clinic for MSMEs held in Abuja.
The loan programme, he said, is part of the presidential directive to deepen credit access, promote sustainability, support families, and boost the nation’s GDP through small business growth. Beyond disbursing funds, BOI is also building capacity, monitoring outcomes, and ensuring each loan creates measurable economic value.
In the Federal Capital Territory alone, the Bank has approved N2.9 billion in funding for 662 businesses, with N900 million already disbursed to 262 companies. BOI Regional Manager for North Central stated that more entrepreneurs are being encouraged to apply as funds are still available. He highlighted that the loan scheme prioritizes formally registered businesses with growth and job creation potential, and urged informal operators to formalize their businesses to qualify.
The programme offers a maximum loan of N5 million and is strictly for enterprises with proper documentation. It is designed to support the creation of at least 100,000 sustainable jobs while boosting the welfare of households.
Speaking during the Abuja event, the Special Adviser to the President on MSMEs and Job Creation stressed that the intervention goes beyond financial access. It also ensures that entrepreneurs receive the guidance and support needed to put the funds to productive use, stimulate enterprise growth, and build the economy.
He applauded BOI’s commitment to transparency and effectiveness, adding that the loan scheme is a clear demonstration of the administration’s Renewed Hope Agenda, which seeks to create jobs, empower youth, and stabilise the economy through support for MSMEs.
With over 39 million MSMEs contributing nearly half of Nigeria’s GDP and accounting for more than 80 percent of national employment, BOI noted that the initiative is not merely a loan programme but a deliberate effort to build a vibrant small business ecosystem that can anchor Nigeria’s long-term economic development.
