“The loans totaling about N75bn will be given to small
businesses nationwide at an interest rate of 9 per cent,” a statement signed by
the Senior Special Assistant to the President on Job Creation & MSMEs, in
the Office of the Vice President, Temitola Adekunle-Johnson, revealed Tuesday.
The statement is titled ‘BOI-FG single digit loans for MSMEs
to commence Jan 2024.’
Adekunle-Johnson said the FG and the Bank will leverage
existing platforms to provide loans to small businesses, targeting women and
youths.
He added that the Tinubu-led government has collaborated
with stakeholders across the public and private sectors to provide massive
support for MSMEs both in grants and loans in the past.
The Presidential aide cited the recent upward review of the
Access Bank loan scheme for MSMEs from N30bn to N50bn.
“The upward review, according to the bank, is to increase
the number of beneficiaries of the bank’s loan scheme and impact more
livelihoods,” he stated.
Tuesday’s announcement comes six months after Vice President
Kashim Shettima assured Nigerian small business owners that the Tinubu-led
administration would hasten access to single-digit loans for them within the
shortest time feasible.
“The government is working urgently to ensure quick access
to single-digit loans for Nigerian small businesses within the shortest time
possible,” Shettima had said in his message to mark the 2023 World Micro Small
and Medium Enterprises Day on June 27, 2023.
The VP had affirmed that the FG recognises the vital role
that Micro, Small, and Medium Enterprises play in driving economic growth,
creating jobs, and promoting innovation.
He said the administration would provide support, fostering
an enabling environment and improving access to finance for MSMEs.
Therefore, Shettima urged “all stakeholders to come together
to champion the growth and success of MSMEs to achieve sustainable development
for all, while we also recognize the plethora of issues that face MSMEs as a
result of the subsidy removal.”
“However, the government is working urgently to ensure quick
access to single-digit loans for Nigerian small businesses within the shortest
time possible,” he added.
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