The Federal Government has announced a partnership with the Bank of Industry (BOI) to provide financial support to 75,000 micro, small, and medium enterprises (MSMEs) across Nigeria.
This initiative aims to boost productivity, create jobs, and enhance agricultural output.
According to a statement released on Tuesday by Olusegun Dada, Special Assistant to President Bola Tinubu on social media, the application portal for the program is now open to interested applicants nationwide.
Eligible MSMEs can access loans of N1 million each, with a total of N75 million set to be distributed. The loans will come with a single-digit interest rate to ease repayment burdens on the recipients.
The program is designed to empower businesses looking to reduce production costs, contribute to economic growth, and create job opportunities in key sectors such as agriculture.
“Our program is designed to empower Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. Whether you’re looking to reduce production costs, create jobs, enhance agricultural productivity, or contribute to economic growth, this initiative is here to support you,” the statement on the initiative’s website reads.
Applicants are required to fill out an online application form and submit supporting documents. The government will review the submissions, and once approved, funds will be disbursed to the designated accounts.
To apply, interested businesses can visit the official website: www.fgnboimsmeinterventionloan.boi.ng.
This program is part of broader efforts by the government to support economic development.
