The Office of the Vice President in collaboration with the Bank of Industry will commence the disbursement of loans to MSMEs by January 2024 to keep President Bola Ahmed Tinubu’s promise to support the transformation of the small business space in Nigeria.
The loans, totalling about N75 billion, will be given to small businesses nationwide at an interest rate of 9 percent and the federal government together with the Bank will leverage existing platforms to provide loans to small businesses, targeting women and youths.
It will be recalled that the Federal Government has since the coming to office of the Tinubu administration, collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.
Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.
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