December 19, (THEWILL) – The Office of the Vice-President, in partnership with the Bank of Industry (BOI), in an effort to fortify the Micro, Small and Medium Enterprises (MSMEs) sector, has disclosed plans to disburse loans to businesses starting from January 2024.
Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, Temitola Adekunle-Johnson, disclosed this in a statement on Tuesday.
Adekunle-Johnson said the initiative aligns with President Bola Tinubu’s commitment to bolstering the transformation of the MSMEs landscape across the nation.
The loans, totalling approximately N75 billion, will be extended to small-scale businesses throughout the country at an interest rate of nine per cent, offering a significant boost to entrepreneurial ventures.
The official emphasised that both the Federal Government and the Bank of Industry aim to utilise existing channels to disburse the loans, specifically targeting women and youths involved in entrepreneurial pursuits.
Adekunle-Johnson underscored the concerted efforts of Tinubu’s administration in collaboration with various stakeholders from the public and private sectors. These collaborative endeavours have resulted in extensive support for MSMEs, encompassing grants and loan facilities.
“Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion. The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he said.
This significant initiative seeks to fortify the backbone of the Nigerian economy by empowering small-scale businesses and fostering economic growth and stability across various sectors.
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