As part of the Renewed Hope Agenda, the Federal Government is set to commence the disbursement of the N75 billion single-digit loan to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BoI). Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson, made this known during a town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme.
Adekunle-Johnson explained that the town hall meeting was a deliberate effort of this administration to stimulate the economy and was simultaneously being hold in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions for accessing the loan.
He said, “We are live in Ogun, Bauchi, Enugu, Kaduna states simultaneously. In 2023 President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal.
“We are here today to sensitise MSMEs to the loan which is currently open all over the country.
“MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single digit loan, it is nine per cent, it is fixed, no hidden charges.
“This is the one and only single digit loan you can get and you can get up to N1 million.
“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it.”
Adekunle-johnson added that his office had been collaborating with BoI, which is an important implementing agency of the federal government for the scheme.
He informed the gathering that “If you need any information, if you are not sure of anything, go to the Bank of Industry.
“Once you provide the requirements, very quickly, you will get yours, immediately,” Adekunle-Johnson said.
Buttressing the presidential Aide stance, Managing Director of BoI, Dr. Olasupo Olusi, disclosed that, N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises was set aside by federal government to support the economy towards driving growth and job creation.
Olusi was represented by Mabel Ndagi, Executive Director, Public Sector and Interventions of BoI.
He explained that MSMEs are the driving force behind the nom-oil economy, contributing significantly to innovation, economic growth and job creation in the agriculture, manufacturing and services sectors.
The director said: “Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.
“In recognition of this, the Federal Government introduced the N200 billion intervention fund for MSMEs and Manufacturing Enterprises and appointed Bank of Industry as the executing agency to implement this initiative.”
He reiterated the bank committed to playing its own part in promoting and supporting MSMEs growth across the country.
In the same vein, the Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, said his bank was also committed to supporting MSMEs.
He revealed “In 2008, we focused on MSMEs with particular attention on women and youths. Ninety-four per cent of all businesses are MSMEs; 66 per cent of that, are owned by women and youths.
“That is the reason for our focus; we want to be known as Nigeria’s MSMEs bank.”
In Ogun, Governor Dapo Abiodun enjoined MSMEs in the state to exploit the N200 billion Presidential Intervention Fund to boost their businesses.
Accordingly, the fund comprises N50 billion Nano grant, N75 billion loan schemes for big businesses and N75 billion loan scheme for MSMEs.
Ogun State Manager of the Bank of Industry (BoI), Mr. Michael Agidani, announced that the N75 bilion loan scheme for MSMEs was available for existing small businesses and start-ups that had registered with the Corporate Affairs Commission (CAC).
The banker explained that each business could borrow up to N1 million with nine per cent interest rate within fourth and sixth month, and repayable within three years, while enjoying a moratorium of three months.
