The Nigerian Association of Small Scale Industrialists (NASSI) praised the Federal Government for this initiative, calling it a vital support system for Nigerian MSMEs.
During a press conference in Abuja, Amina Habu Mohammed, a representative of the BoI, revealed the start of the application process in conjunction with a Memorandum of Understanding (MoU) between NASSI and the Bank of Industry, aimed at raising awareness about the N75 billion MSME Intervention Fund.
Amina explained that the fund is designed to assist 75 million MSMEs, providing N1 million each at a nine percent interest rate over three years without requiring collateral.
She emphasized that this flexible loan is intended to enhance the growth of MSMEs in the country and improve the living standards of the populace. The application portal is available at https://fgnboimsmeinterventionloan.boi.ng/.
Dr. Solomon Vongfa, the National President of NASSI, expressed his appreciation for the N75 billion fund, referring to it as a source of hope for numerous MSMEs facing challenges in obtaining affordable financing.
Vongfa said: “I stand before you today to express our profound gratitude to the Federal Government of Nigeria for its visionary initiative to launch the N75billion MSME Intervention Fund.
“This landmark program, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.
“The N75billion MSME Intervention Fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“This initiative will undoubtedly catalyze economic growth, create jobs, and foster innovation.”
The fund, as he stated, provides loans with competitive interest rates, facilitating access to necessary capital for MSMEs to grow their businesses.
He further mentioned that the application process has been optimized to reduce bureaucratic obstacles and guarantee prompt fund disbursement.
Additionally, he indicated that the fund will offer technical support and capacity-building initiatives aimed at helping MSMEs refine their business operations and boost their competitiveness.
Regarding NASSI's involvement, Vongfa remarked: “As the Nigerian Association of Small-Scale Industrialists, we are dedicated to actively informing MSMEs about this innovative initiative.”
“We will organize workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partnership with BOI across the 36 states.”
He added: “We urge all eligible MSMEs to seize this opportunity and apply for the N75billion MSME Intervention Fund.
“This is a golden chance to unlock your business’s full potential and contribute to the economic prosperity of our nation.
“The N75billion MSME Intervention Fund is a game-changer for Nigerian MSMEs.
“By working together with the government and financial institutions, we can create a thriving entrepreneurial ecosystem that will drive sustainable economic growth.
“We extend our heartfelt thanks to the Federal Government and the Bank of Industry for their tireless efforts in making this initiative a reality.”