The Nigerian government has announced a significant boost to its loan offerings for small businesses, raising the maximum amount accessible under single-digit interest loans to N5 million.
The initiative, aimed at fostering inclusive economic growth, was unveiled by the Bank of Industry (BoI) Managing Director, Dr. Olasupo Olusi, during a town hall sensitization event in Lagos on Friday.
Speaking on behalf of Olusi, Umar Shekarau, Executive Director for MSMEs at BoI, highlighted the government’s commitment to supporting Micro, Small, and Medium Enterprises (MSMEs). The initiative is underpinned by a N200 billion Presidential Intervention Fund, with N75 billion specifically earmarked for MSMEs.
Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, confirmed that the increase in loan size—from the previous cap of N1 million to N5 million—aims to address the financial and infrastructural challenges confronting small businesses.
“The loan is 9% three years tenure. A single MSME can collect up to N5 million single digit,” said Adekunle-Johnson.
“This scheme is expected to create thousands of direct and indirect jobs nationwide,” Shekarau stated, adding that the funds are ready for disbursement at an annual interest rate of nine percent. Business owners are encouraged to approach BoI directly or register online, avoiding intermediaries.
The initiative, part of a broader federal strategy, was developed in collaboration with the Ministry of Finance, the Ministry of Industry, Trade and Investment, the Presidency, and other stakeholders.
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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Ahmed Gazalli, showed the importance of MSMEs to the national economy. He described the program as a milestone in Nigeria’s drive towards economic empowerment and sustainable growth.
“MSMEs form the backbone of our economy. Supporting their growth is essential for achieving our vision of an inclusive, thriving economy,” Gazalli remarked.
He reiterated the government’s resolve to remove barriers hindering MSME expansion while strengthening the manufacturing sector to reposition Nigeria’s economic landscape.
Senator John Eno, Minister of State for Industry, Trade and Investment, pledged continued government support for programs advancing the welfare of Nigerians.
He called for stronger collaboration among stakeholders to address systemic challenges and accelerate MSME growth.
The scheme’s expanded scope shows Nigeria’s determination to leverage its entrepreneurial base as a catalyst for economic stability and growth.
