An ongoing collaboration between the federal government and the Bank of Industry (BOI) marks a significant step toward enhancing the growth and sustainability of MSMEs in Nigeria.
This bold move paves way for economic development and job creation across Nigeria.
The federal government has partnered with the Bank of Industry (BOI) to support 75,000 micro, small, and medium enterprises (MSMEs).
In a statement on Tuesday, the special assistant to President Bola Tinubu on social media, Olusegun Dada, said the application portal was now open for interested applicants across the country.
BOI Grant For MSMEs
Dada said the partnership would grant eligible MSMEs loans of ₦1 million each — totalling ₦75 million — with a single-digit interest rate.
According to a statement on the dedicated application website, the initiative targets MSMEs that seek to reduce production costs, create jobs, and enhance agricultural productivity.
“Our programme is designed to empower Micro, Small, and Medium Enterprises (MSMEs) across Nigeria,” the statement reads.
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“Whether you’re looking to reduce production costs, create jobs, enhance agricultural productivity, or contribute to economic growth, this initiative is here to support you.”
How To Apply For BOI Grant
Applicants must complete an online application form and submit the necessary documents to support their claims.
Furthermore, the federal government stated that it will review the applications and, once approved, will disburse funds to the designated accounts.
To apply, interested applicants can visit: www.fgnboimsmeinterventionloan.boi.ng.
On September 27, the federal government also partnered with Mastercard to improve digital access to financial services for one million farmers across Nigeria, Kenya, and Tanzania.
