President Bola Ahmed Tinubu’s commitment to enhancing the MSME sector in Nigeria is being upheld through various initiatives and partnerships. The Office of the Vice President, in collaboration with the Bank of Industry, is set to disburse single digit loans to MSMEs starting in January 2024. These loans, totaling approximately N75 billion, will be provided to small businesses across the country at a favorable interest rate of 9 percent.
To ensure widespread access and effectiveness, the Federal Government and the Bank of Industry will utilize existing platforms to deliver these loans, with a specific focus on supporting women and youths. It is important to highlight that since the beginning of the Tinubu administration, the Federal Government has actively worked with stakeholders from both the public and private sectors to provide significant support to MSMEs through grants and loans.
In a recent development, Access Bank Plc has approved an increase in its loan scheme for MSMEs from N30 billion to N50 billion. This upward revision aims to expand the number of beneficiaries and have a greater positive impact on livelihoods. This demonstrates the growing commitment and collaboration between the government and financial institutions to empower and uplift the MSME sector in Nigeria. if you are an MSME and interested in applying, visit the official website and apply