The Bank of Industry (BoI) has announced an increase in the limit for single-digit interest loans available to micro, small, and medium enterprises (MSMEs) to ₦5 million, as part of efforts to boost entrepreneurial growth and create jobs in Nigeria.
Loan Limit Increase and Terms
- The new loan ceiling for MSMEs is ₦5 million, compared to the previous limit of ₦1 million.
- Loans are available at a single-digit interest rate of 9%, with a repayment tenure of three years.
₦75 Billion Loan Program
- The BoI is managing ₦75 billion from the Presidential Conditional Grant and Loan Scheme under the ₦200 billion MSME intervention fund approved by President Bola Tinubu.
- The initiative aims to generate thousands of jobs, both directly and indirectly, across the nation.
Access to Funds
- Entrepreneurs are encouraged to apply directly through BoI platforms or online registration portals to avoid intermediaries.
- The funds are targeted at various demographics, including youths, women, and individuals with disabilities.
Government’s Commitment to MSME Growth
Economic Vision and Support
- Wale Edun, Minister of Finance, emphasized the pivotal role of MSMEs as the backbone of Nigeria’s economy, stressing that empowering these businesses is key to national economic prosperity.
- The government is also prioritizing manufacturing and infrastructure development to address the challenges faced by businesses.
Ongoing Initiatives
- John Enoh, Minister of State for Industry, Trade, and Investment, reaffirmed the government’s dedication to improving MSME welfare and called for stronger collaboration among stakeholders to remove barriers hindering their growth.
The increase in loan limits and enhanced access to funding signals a stronger focus on supporting small businesses, which are critical to reducing unemployment and driving economic transformation. The initiative aligns with the government’s broader vision for inclusive economic empowerment and sustainability.
