The Federal Government has raised the loan cap for small businesses to N5 million in a move aimed at promoting inclusive economic growth. This change was announced by the Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, during a town hall sensitization event in Lagos on Friday.
The event, organized by the Federal Ministry of Finance in partnership with several government stakeholders, focused on the Federal Government’s Grant and Loan Scheme. Olusi, represented by Umar Shekarau, BoI Executive Director for MSMEs, expressed gratitude to President Bola Tinubu for the N200 billion Presidential Intervention Fund dedicated to Micro, Small, and Medium Enterprises (MSMEs).
Olusi revealed that N75 billion of this fund is specifically earmarked for MSMEs, with plans to create thousands of jobs across the country. The loans will be offered at a nine percent interest rate, and the funds are already available for disbursement through the BoI.
He encouraged business owners to apply directly with the BoI, either by visiting the bank or registering online, without relying on intermediaries. According to Olusi, more than 800,000 Nigerians have already benefitted from the scheme, with opportunities still available for youths, women, and people with disabilities.
The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, confirmed that the maximum loan available for successful applicants has increased to N5 million, up from the previous N1 million. This increase aims to provide better support for businesses facing challenges such as access to finance and infrastructure.
Finance Minister Wale Edun, represented by Ahmed Gazalli, emphasized that the government is committed to MSME growth and the revitalization of the manufacturing sector as key pillars of Nigeria’s economic strategy. He called MSMEs the backbone of Nigeria’s economy, stressing that their success is critical for national economic stability.
Minister of State for Industry, Trade, and Investment, Sen. John Eno, reiterated the government’s dedication to supporting MSME growth, encouraging collaboration across all sectors to eliminate growth barriers. He emphasized that such efforts are essential to Nigeria’s long-term economic prosperity.
Other speakers, including the Special Adviser to the President on Industry, Trade, and Investment, Mr. John Uwajumogu, highlighted the importance of financial support for industries to drive inclusive growth.
The event, which is being held simultaneously in six states, was attended by numerous MSME owners, including vegetable farmer Akor Goddy from Badagry, nanny Angela Christopher, and food vendor William Asuquo from Isolo, Lagos.
