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The Federal Government has launched a groundbreaking initiative to support over 75,000 Micro, Small, and Medium Enterprises (MSMEs) through its ₦75 billion loan programme.
Starting in 2025, the scheme offers single-digit interest loans to catalyse economic growth, create jobs, and drive innovation across Nigeria.
With MSMEs contributing over 45% to Nigeria’s Gross Domestic Product (GDP) and 90% of employment, the initiative is expected to significantly boost the economy.
Beneficiaries will be able to access loans of up to ₦5 million at a 9% interest rate, repayable over three years.
According to Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BoI), the programme demonstrates President Tinubu’s commitment to inclusive growth.
“The funds are ready for disbursement to eligible businesses at competitive rates. Over 800,000 Nigerians have already benefitted from previous schemes,” Olusi noted during a sensitisation meeting in Lagos.
In Delta, Governor Sheriff Oborevwori praised the Federal Government’s efforts, revealing that over 24,000 beneficiaries in the state have received grants totalling ₦1.2 billion.
Represented by Commissioner Orode Uduaghan, he urged recipients to utilise funds for business expansion, adding, “The scheme reflects our commitment to fostering a business-friendly environment.”
In Sokoto, BoI Manager Hajiya Habiba Sambawa highlighted that ₦50 billion from the first phase had been disbursed to nano-businesses.
The second phase focuses on MSMEs, providing up to ₦5 million per business to promote job creation and economic diversification.
The programme also emphasises inclusivity, targeting youth, women, and people with disabilities. BoI officials urged entrepreneurs to apply directly without intermediaries.
In Borno, Governor Babagana Zulum stressed the initiative’s role in rebuilding local economies. “This programme supports our recovery from insurgency, empowering traders, artisans, and ICT operators,” said his representative, Abubakar Muhammed.
The initiative underscores Tinubu’s Renewed Hope Agenda, offering a lifeline to businesses and driving Nigeria’s economic transformation.