How to apply for the Federal Government’s ₦5B MSME Loan Scheme for Small Businesses

In its bid to boost micro, small, and medium enterprises (MSMEs) in Nigeria, the Federal Government has introduced a targeted ₦5 billion loan scheme—a move that promises to usher in much-needed access to affordable credit, particularly for women-owned enterprises and businesses in sustainable industries. See below on how to apply

Overview of the ₦5 Billion Loan Scheme

Funding & Disbursement: Hosted by the Federal Government’s MSME Fund in conjunction with the Bank of Industry (BOI), the new initiative offers affordable loans designed according to the requirements of underprivileged entrepreneurs.

• Target Beneficiaries: Particular focus is given to:
• Women-owned businesses, appreciating the systemic impediments they encounter in accessing finance.
• Firms in renewable energy, education, and healthcare, highlighting Nigeria’s priority on sustainable and inclusive economic growth.
  

Terms of the Loan:

• Loan limit: ₦5 million maximum per MSME.
• Interest rate: 9% fixed—amazingly in single digits.
• Grace period: Payment begins after 3 months.
• Overall duration: 3 years—aimed at giving beneficiaries room to enable businesses to grow before repayment of the loan.

Strategic Rationale & Expected Impact

• Closing Finance Gaps: A majority of Nigerian MSMEs fail prematurely owing to the lack of or expensive financing facilities. This program provides fair terms and favorable conditions to mitigate such risk.
• Boosting Inclusion & Sustainability:
• Empowers women entrepreneurs, driving gender equality in economic participation.
• Supports high-impact sectors (green energy, education, healthcare), ranked by national priority.
  

Catalyzing Broader Economic Growth:

• Generates employment through business expansion and sectoral growth.
• Deepening financial inclusion nationwide, particularly rural and under-banked communities.
  

How to apply for the Federal Government’s ₦5B MSME Loan Scheme for Small Businesses

Applicants for the Federal Government’s ₦5B MSME Loan Scheme for Small Businesses can file their application at chosen BOI offices or through the internet on the official portal. The process is designed to be transparent, efficient, and free of bureaucratic obstacles—mitigating some of the barriers that hitherto discouraged MSMEs. To apply for the loan online through the boi portal, you should visit fgnboimsmeinterventionloan.boi.ng/signup or go to https://fgnboimsmeinterventionloan.boi.ng to learn about the intervention schemes.

Bank of Industry, BOI, offices are spread across the country. The head office is at 23 Marina Road, Lagos Island , Nigeria. Telephone +234 700 225 6264,+234 700 055 1111 Email: – [email protected]

BOI State Offices Across Nigeria

BOI maintains offices in 33 states as well as the Federal Capital Territory (FCT), enabling extensive regional access to its services   Here’s the comprehensive list:

State / Region	Office Address
Lagos – Marina (Head Office)	23 Marina, Lagos Island, Lagos State
Abia	25B Adelabu Estate, Off Bende Road, Opposite Central Police Station, Umuahia, Abia State
Abuja (FCT)	Plot 256, Zone AO, Off Herbert Macaulay Way, Behind Unity Bank, Central Business District, Abuja
Adamawa	Aminu Galadima Way (Bank Road), Opposite TAJ Bank, Jimeta-Yola, Adamawa State
Anambra	37, Zik Avenue, Awka, Anambra State
Akwa Ibom	3rd Floor, Dakkada Towers, Uyo, Akwa Ibom State
Benue	17 Jonah Jang Crescent, Hudco Quarters, High Level, Makurdi, Benue State
Bauchi	BOI House, Maiduguri Road, PMB 245, Bauchi, Bauchi State
Borno	No. 5, Sir Kashim Ibrahim Way, Opposite GTB, Maiduguri, Borno State
Cross River	115 Mariam Road, Calabar, Cross River State
Delta	No. 10, DBS Road, Asaba, Delta State
Ebonyi	25 Ezza Road (Federal Mortgage Bank Compound), Abakaliki, Ebonyi State
Edo	Edo Production Centre, Magistrate Court Premises, Sapele Road, Benin City, Edo State
Ekiti	BOI, Old CBN Office, adjacent to FIRS, Secretariat Road, Ado Ekiti, Ekiti State
Enugu	BOI House, 47 Coal City Garden Estate, Behind Central Bank, Okpara Avenue, Enugu State
Gombe	Muhammed Aliyu Plaza, Gombe-Bauchi Expressway, Gombe, Gombe State
Jigawa	Plot 49, Mechanic Village Road, Opposite Ibrahim Aliyu Bypass, Dutse, Jigawa State
Kaduna	18 Muhammadu Buhari Way, PMB 2141, Kaduna, Kaduna State
Kano	Plot 7, Guda Abdullahi Road, City Centre (Farm Centre), Tarauni, Kano State
Katsina	10 WTC Road, Opposite CBN Office, GRA, Katsina, Katsina State
Kebbi	Plot A1, Sultan Abubakar Road, GRA, Birnin Kebbi, Kebbi State
Kogi	Kogi State Investment House, No. 17 Ado Ibrahim Road, GRA, Lokoja, Kogi State
Kwara	1st Floor, Adama Bola Sa’ad House (Martrite Supermarket), Ahmadu Bello Way, GRA, Ilorin, Kwara State
Lagos – Ikeja	3 Ashabi Cole, off Lateef Jakande, Agidingbi, Central Business District, Ikeja, Lagos
Lagos – Lekki	3rd Floor, Standard Alliance Building, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lagos
Niger	2nd Floor, A44 Muazu Mohammed Road, Minna, Niger State
Nasarawa	1 Idris Almakura Link, off Shendam Road, Lafia, Nasarawa State
Ogun	2nd Floor, Oluwatoyin House, Lalugu Road, Okelewo, Abeokuta, Ogun State
Ondo	BOI House, Owo Road, Alagbaka, Akure, Ondo State
Osun	Treasure Plaza 10, Obafemi Awolowo Way, Igbona, Osogbo, Osun State
Oyo	BOI Office, NTC Road, Beside FIRS Office, Iyaganku, Ibadan, Oyo State
Plateau	16 Jengre/Richard Road, Off Murtala Muhammed Way, Jos, Plateau State
Rivers (Port Harcourt)	Ewoma House, Plot 122A, General Dailey Road, GRA Phase 3, Port Harcourt, Rivers State
Sokoto	No. 15, Bunza Street, Off Kano Road, Behind Investment House, Sokoto, Sokoto State
Taraba	72 Hammaruwa Way, Opposite GTBank, Jalingo, Taraba State

This coverage spans almost the entire country, ensuring easy access for MSMEs in diverse locations  

You can also Apply for the Federal Government’s ₦5 Billion MSME Loan Scheme for Small Businesses through designated banks and their branches. Ask your bank if they are one of the designated banks for the scheme as the list of such designated banks is yet to be made public as at press time.

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BOI Head Office Contact Information

For general inquiries, loan support, or customer assistance:

• Head Office Address: 23 Marina, Lagos Island, Lagos  
• Email: [email protected]
• Phone Number: +234 700 225 5264 (also known as 0700-CALL-BOI)  

This ₦5 billion initiative is contained within a larger, multi-level government policy to support MSMEs:

• In November 2024, the government increased its maximum MSME offer of loan to ₦5 million per firm under N200 billion Presidential Intervention Fund, at 9% interest rate for up to 3 years.
• A syndicated ₦198 billion MSME loan facility, starting in Q1 2025, offers single-digit loans, grants of up to ₦400,000, and even privileges like free shops, homes, and training for MSMEs.
• A Syndicated De-Risked Loan Scheme was also approved recently: a collaboration between federal, state, and finance institutions to finance MSMEs nationwide.
• The diversity of programs reflects the government’s multi-dimensional approach—starting with small-scale, focused schemes, followed by massive syndicated funds to finance long-term MSME growth.

Challenges and Considerations

Implementation Clarity: It is dependent on how effectively the BOI and other stakeholders coordinate disbursement and monitor fund usage. Outreach & Awareness: Taking the scheme to rural or marginalized people entails ensuring coordinated sensitization. Repayment Sustainability: The beneficiaries must use the funds wisely to ensure repayment, thereby maintaining the prospect of revolving nature of a fund. The ₦5 billion MSME loan scheme is a welcome intervention—particularly in its focus on women-owned businesses and strategic sectors to national resilience. Coupled with other schemes and supporting infrastructure, this scheme can go a long way to enhancing Nigeria’s MSME landscape.