The Federal Government has disbursed N1.48 billion in loans to over 29,000 micro and small-scale business owners across Imo State, reinforcing its push to support Nigeria’s struggling MSME sector. The announcement came during a town hall meeting held in Owerri as part of the national loan scheme for Micro, Small, and Medium Enterprises.
The Bank of Industry (BOI), which oversees the program, revealed that the disbursement falls under the N200 billion Special Intervention Fund initiated by President Bola Tinubu’s prosperity agenda. Speaking through the Divisional Head of MSME South, the Managing Director of BOI said the initiative aims to address two major hurdles faced by Nigerian MSMEs—limited access to finance and the high cost of doing business.
Under the scheme, eligible entrepreneurs can access loans of up to N5 million at a competitive 9 percent annual interest rate. The loan terms include a three-month moratorium and a maximum repayment period of three years, designed to reduce pressure on business owners and help them stabilize or expand operations.
To ensure transparency and ease of access, the BOI verifies applicant data and encourages participation from key local actors such as community leaders, youth groups, and women’s associations. The bank is also working with professional bodies like NASME and NACCIMA to mobilize their members and streamline access to the loan.
In Imo State, the response has been largely positive. A NASME official urged business owners to formalize their operations and align with structured groups to fully benefit from the scheme. Local entrepreneurs who previously received support also shared success stories, including one pig farmer who credited an earlier N50,000 grant with saving his livestock business during a crisis.
The event featured a documentary highlighting real-life examples of how similar interventions have helped grassroots businesses grow. These stories underscored the potential impact of consistent and targeted financial support.
With the release of N1.48 billion in Imo alone, the Federal Government is reaffirming its commitment to using MSMEs as key drivers of economic recovery and job creation in Nigeria.
