Access Bank, in collaboration with the Office of the Vice President, is set to provide N50 billion in soft loans and grants to four million Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
Chioma Ogwo, Head of Emerging Businesses at Access Bank Plc, revealed this during the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja.
The initiative aims to empower Nigerian businesses by enhancing their capacities and offering financial support. Over four years, 4 million MSMEs will benefit, with 70,000 gaining access to finance and 300,000 receiving training annually.
As part of the program, selected SMEs will have the opportunity to travel overseas and observe business operations in other countries through the Business Exchange Program.
Ogwo explained that the initiative, dubbed “Youth Thrive by Access,” will focus on capacity building and providing affordable finance through loans and grants. Grants will be given to deserving SMEs free of charge.
Access Bank has earmarked N50 billion for the intervention, with plans to review its effectiveness annually.
Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, praised Access Bank for removing obstacles to MSMEs’ loan access and ensuring lower interest rates. The federal government will assess the initiative’s impact before considering further funding expansion.
The objective is to streamline funding access for SMEs, ensuring quick disbursements within 14 days to reduce operational bottlenecks and support business growth.
