MSMEs: FG to disburse N75bn loans in January, 2024

The Office of the Vice President, in collaboration with the Bank Of Industry (BOI) is set to commence the disbursement of loans to the Micro, Small and Medium Enterprises (MSMEs) by January 2024.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice President, made this known in a statement on Tuesday in Abuja.

Adekunle-Johnson said that the move was part of an effort to keep President Bola Tinubu’s promise to support the transformation of the MSMEs space in the country.

He revealed that the loans totaling about N75 billion would be given to small businesses across the country at an interest rate of nine percent.

Adekunle-Johnson explained that the Federal Government and the bank would leverage existing platforms to provide the loans to small businesses, targeting women and youths.

He said that Tinubu’s Federal Government, since its assumption of office, has collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs, both in grants and loans.

Adekunle-Johnson said, “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.”