The Office of the Vice-President, in collaboration with the Bank of Industry (BOI), has announced plans to kick-start the distribution of loans to micro, small, and medium enterprises (MSMEs) from January 2024. Temitola Adekunle-Johnson, Senior Special Assistant to Vice-President Kashim Shettima on Job Creation and MSMEs, revealed this in a statement released on Tuesday.
The initiative aims to fulfil President Bola Tinubu’s commitment to bolster the MSME sector in Nigeria. The loans, amounting to approximately N75 billion, will be offered to small businesses nationwide at an interest rate of nine per cent. The federal government and BOI will leverage existing platforms to facilitate the disbursement of loans, with a focus on empowering women and youth entrepreneurs.
The statement supposedly highlighted President Tinubu’s efforts since assuming office, citing collaborations with both public and private stakeholders to provide substantial support to MSMEs through grants and loans. It also mentioned a recent development where Access Bank Plc approved an increase in its loan scheme for MSMEs from N30 billion to N50 billion. The bank’s decision aims to expand the reach of its loan programme, thereby impacting more livelihoods positively.
Source: Peoples Gazette