The Federal Government of Nigeria has increased the loan limit for MSMEs (Micro, Small, and Medium Enterprises) from ₦1 million to ₦5 million with an interest rate of just 9 per cent per annum.
This initiative, which forms part of the ₦200 billion Presidential Intervention Fund for MSMEs, aims to support business growth and promote inclusive economic development across Nigeria.
During a town hall meeting in Lagos, the Managing Director of the Bank of Industry (BoI), Olasupo Olusi, announced that the fund addresses the financial challenges small businesses face.
Specifically, the loans, available for up to three years without collateral, aim to create jobs and stimulate economic activity.
Furthermore, over 800,000 Nigerians have already benefited from similar schemes, and the government is now working to reach even more entrepreneurs, including women, youth, and people with disabilities.
Read Also: NCC Set To Launch Revised Tariff Plan On December 13
In addition, Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, explained that successful applicants can now access loans of up to ₦5 million, compared to the previous ₦1 million limit.
He also highlighted that the loan’s favourable terms—9 per cent interest and a three-year tenure—will significantly ease the pressures businesses face.
Moreover, the Bank of Industry has already made the funds available, and applicants can apply directly or online, bypassing intermediaries.
Ultimately, this initiative will drive business growth and job creation, benefiting entrepreneurs across the country.
