In a strategic collaboration between the Presidency and the Bank of Industry (BOI), a groundbreaking initiative is set to unfold in January 2024, as the disbursement of loans to Micro, Small, and Medium Enterprises (MSMEs) commences. This initiative, driven by President Bola Tinubu’s commitment to transforming the MSME space, aims to provide crucial financial support to small businesses across Nigeria. The Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, shared details of this significant development.
Key Points:
- Loan Disbursement Schedule: The disbursement of loans, totaling an impressive N75 billion, is scheduled to kick off in January 2024. This financial injection aims to empower and uplift MSMEs across the country, contributing to job creation and economic growth.
- Interest Rate and Beneficiaries: The loans will be extended at a favorable interest rate of nine percent, providing an accessible financing avenue for small businesses. The initiative places a particular emphasis on inclusivity, targeting women and youths, aligning with the broader goal of empowering these demographics within the entrepreneurial landscape.
- Presidential Commitment: The initiative reflects President Tinubu’s unwavering commitment to supporting and transforming the MSMEs space. By collaborating with the Bank of Industry, the Presidency aims to leverage existing platforms to ensure the effective disbursement of loans and contribute to the growth of small businesses.
- Stakeholder Collaboration: Adekunle-Johnson emphasized that the Federal Government, in tandem with the Bank of Industry, has collaborated with stakeholders from the public and private sectors to provide substantial support for MSMEs. This support extends beyond loans, encompassing grants and other resources to foster the growth of small businesses.
- Access Bank’s Contribution: The statement highlighted recent efforts by Access Bank Plc, which approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion. This move by Access Bank seeks to increase the number of beneficiaries, amplifying the impact on livelihoods.
Conclusion: The forthcoming disbursement of N75 billion in MSME loans represents a significant milestone in President Tinubu’s commitment to fostering economic development.
