In a move to boost Nigeria’s inclusive economic growth, the Federal Government has increased the loan limit for small businesses to N5 million. This development was announced by the Managing Director and Chief Executive Officer, Bank of Industry, Dr Olasupo Olusi, during a town hall sensitisation in Lagos on the Federal Government Grant and Loan Scheme.
According to Olusi, the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs) is now available, with N75 billion targeted specifically for MSMEs. This initiative is expected to create thousands of direct and indirect jobs nationwide.
The loan, which has a single-digit interest rate of 9% and a three-year tenure, can be accessed by small business owners through the Bank of Industry. Over 800,000 Nigerians have already benefited from this scheme, and there is room for more, including youths, women, and people with disabilities.
The Senior Special Assistant to the President on Job Creation and Micro, Small and Medium Enterprises, Temitola Adekunle-Johnson, emphasized that successful applicants will receive the increased loan of N5 million, up from the previous N1 million benchmark.
This development is part of the government’s efforts to support small businesses and drive economic growth. As Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted, MSMEs are the backbone of the Nigerian economy, and supporting them is crucial to the country’s economic prosperity.
