BoI-FG Single Digit Loans For MSMEs Commences January 2024
The Office of the Vice President in collaboration with the Bank of Industry will commence the disbursement of loans to MSMEs by Januaryto keep President Bola Ahmed Tinubu’s promise to support the transformation in Nigeria.
The loans, totalling about N75 billion, will be given to small businesses nationwide at an interest rate of 9federal 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 thecollaborated with stakeholders across the public and private to provide massive support for MSMEs both in grants and loans.
an upward review of its loan scheme for MSMEs from N30 billion to N50 to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.