BOI-FGN Single Digit Loan – President Bola Ahmed Tinubu’s commitment to the transformation of the Micro, Small, and Medium Enterprises (MSME) sector in Nigeria is taking a significant step forward. In collaboration with the Bank of Industry.
The Office of the Vice President is gearing up to kickstart the disbursement of loans to MSMEs by January 2024.
To apply, go to: https://www.boi.ng/apply-now/
The earmarked BOI-FGN Single Digit Loans, totalling an impressive N75 billion, are designed to benefit small businesses nationwide, offering a competitive interest rate of 9 percent. This initiative underscores the commitment of both the Federal Government and the Bank of Industry (BOI) to support and empower MSMEs, with a particular focus on women and youth entrepreneurs.
Utilizing existing platforms, the Federal Government and BOI aim to streamline the loan distribution process, ensuring that deserving businesses across the country can access the financial support they need. This aligns with the ongoing efforts of the Tinubu administration, which has consistently collaborated with public and private sector stakeholders to provide substantial support to MSMEs through grants and loans.
In a recent development, Access Bank Plc, one of the leading financial institutions in Nigeria, has demonstrated its commitment to the cause. The bank’s management has approved a significant upward review of its loan scheme for MSMEs, increasing the fund from N30 billion to an impressive N50 billion. This upward adjustment is a strategic move by Access Bank to expand the reach of its Single Digit Loans cheme, ultimately impacting more livelihoods across the nation.
As the disbursement of the (BOI-FGN Single Digit Loan) N75 billion loans is set to commence in January 2024, the anticipation is high among MSMEs looking to scale their operations and contribute to the economic growth of Nigeria. The concerted efforts of the government, financial institutions, and other stakeholders reflect a collective commitment to fostering a thriving environment for small businesses.
The impact of these initiatives extends beyond financial assistance; they signal a recognition of the crucial role MSMEs play in driving innovation, creating employment opportunities, and contributing to the overall economic development of the nation. As the disbursement process unfolds, it is expected to empower a new wave of entrepreneurs, further solidifying Nigeria’s position as a hub for small business growth and sustainability. Stay tuned for updates as we witness the transformative journey of MSMEs in the coming months.
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