Micro, Small and Medium Enterprises (MSMEs) will get a lift next month, as the Office of the Vice-President, in collaboration with the Bank of Industry (BoI), is set to commence the disbursement of about N75 billion loans.
Vice-President Kashim Shettima’s Senior Special Assistant on Job Creation and MSMEs, Temitola Adekunle-Johnson, in a statement yesterday, said the move is in effort to keep President Bola Tinubu’s promise to support the transformation of Nigeria’s MSME space.
He said the loan would be given to small businesses nationwide at an interest rate of nine per cent.
It disclosed that the federal government and BoI would leverage existing platforms to provide loans to small businesses, targeting women and youths.
He noted that since he assumed office, Mr Tinubu has collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs in grants and loans.
“Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.
“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” the statement said.
The federal government and BoI would leverage existing platforms to provide loans to small businesses, targeting women and youths.
This is a laudable initiative of Federal Government in view of the effects of removal of subsidy on petroleum products .It is hoped that the disbursement of the loans will be transparent.