The Bank of Industry (BOI) has urged Micro, Small, and Medium Enterprises (MSMEs) in Anambra State to apply for the N75 billion federal government loan designed to support business expansion and economic growth.
Speaking at a stakeholders’ meeting and the inauguration of MSME development clusters across Anambra’s 21 local government areas, BOI State Manager, Mr. Chibuzor Orji, emphasized the importance of accessing available funding to drive business sustainability. He noted that the BOI is partnering with the Anambra chapter of the Nigerian Association of Small and Medium Enterprises (NASME) to ensure that entrepreneurs across the state benefit from the scheme.
Orji explained that NASME members could access up to N5 million in loans, depending on their business size and strategic plan. To assist applicants, he provided a detailed presentation on the loan application process, addressing concerns regarding the BOI’s portal and clarifying eligibility criteria. He encouraged business owners to take advantage of the opportunity, stressing that financial support is critical to expanding small businesses and creating jobs.
During the inauguration of the MSME development clusters, NASME State Chairman, Mr. Chinemerem Oguegbe, described the initiative as a crucial step toward strengthening rural businesses. He highlighted that the clusters would serve as platforms to provide business owners in remote areas with access to information, training, and financial opportunities. He emphasized that by equipping entrepreneurs with the right knowledge and funding, small businesses could evolve into major contributors to the state’s economy.
“Given the critical role MSMEs play in our economy, now is the time to focus on building the capacity of business owners across all 21 local government areas. These clusters will not only expose them to funding opportunities but also teach them essential business principles needed for growth,” Oguegbe said.
He provided examples of how the initiative could transform businesses, noting that poultry farmers in villages could scale their farms beyond subsistence levels to serve larger markets and create employment. He added that small-scale retail sellers could be taught how to structure their businesses to qualify for financial support and expand their operations.
The event also featured remarks from business leaders, including Mr. Okorie Kalu, CEO of Uwamaenyi Technical Works Limited and a NASME member, who assured that members would meet the necessary requirements to access the loan. He commended the federal government for the initiative, stating that the funds would help MSMEs overcome financial constraints and contribute to Nigeria’s economic regeneration.
The N75 billion loan, provided by the federal government through the BOI, is aimed at bolstering MSMEs nationwide to stimulate economic growth, promote self-sufficiency, and reduce unemployment. Entrepreneurs in Anambra are encouraged to engage with NASME and BOI to understand the loan requirements and secure funding for their businesses.
