February 28, 2024
FG, BOI To Distribute N75bn Loan To MSMEs
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FG, BOI To Distribute N75bn Loan To MSMEs

The Federal Government in collaboration with the Bank Of Industry (BOI) will begin the disbursement of loans worth N75 Billion  to micro, small and medium enterprises across the country.

In a signed statement, the Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, Mr. Temitola Adekunle Johnson, said the beneficiaries will enjoy an interest rate of 9% on the loans.

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While explaining that the loan initiative was targeted mostly at women and youths, he added that the Tinubu-led government has collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans in the past.

The Presidential aide cited the recent upward review of the Access Bank loan scheme for MSMEs from N30bn to N50bn.

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