{"id":137367,"date":"2024-11-07T16:50:38","date_gmt":"2024-11-07T15:50:38","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes"},"modified":"2024-11-07T17:43:06","modified_gmt":"2024-11-07T16:43:06","slug":"nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes","title":{"rendered":"Nigerian govt announces N75bn single-digit interest loans for MSMEs"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Small, and Medium Enterprises, MSMEs, across Nigeria.<\/p>\n

Scheduled for launch in 2025, this scheme aims to foster economic growth by targeting women and youth-owned enterprises, creating jobs, and stimulating local economies.<\/p>\n

Minister of Information and National Orientation, Alhaji Mohammed Idris, outlined the project\u2019s goals at a town hall meeting in Abuja, noting its alignment with President Bola Tinubu\u2019s Renewed Hope Agenda.<\/p>\n

\u201cThis scheme is a concrete manifestation of Tinubu\u2019s commitment to economic transformation. By focusing on MSMEs, which are the backbone of our economy, we aim to diversify income streams, boost exports, and provide valuable job opportunities,\u201d he said.<\/p>\n

The loan, a joint effort among the Federal Government, the Bank of Industry, BOI, and state governments, offers single-digit interest rates with individual loans capped at N1 million.<\/p>\n

This move is expected to alleviate some of the challenges MSMEs face, particularly high production costs due to recent fuel subsidy removal.<\/p>\n

The BOI\u2019s Enugu Branch Head, Mrs Anuli Akabogu, highlighted this during a session in Enugu, saying: \u201cThe government understands the burdens MSMEs face; this fund is intended to ease the cost of production.\u201d<\/p>\n

At the sensitisation event in Akwa Ibom, Commissioner for Trade and Investment, John James, urged beneficiaries to prudently utilise the loan.<\/p>\n

\u201cThis is an opportunity to scale your businesses responsibly. MSMEs drive economies globally, and we want the same for Nigeria,\u201d he said.<\/p>\n

To reach potential recipients, government agencies like the Corporate Affairs Commission, Federal Inland Revenue Service, and other partners have joined efforts, touring the nation to inform business owners of the application criteria.<\/p>\n

In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, praised President Tinubu\u2019s dedication to economic empowerment.<\/p>\n

He noted: \u201cThis initiative proves Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will revitalise not just the local economy but bolster our national strength.\u201d<\/p>\n

BOI officials stressed the importance of following the correct application procedures.<\/p>\n

Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, cautioned applicants against fraud.<\/p>\n

\u201cThis loan has a fixed interest rate with no hidden fees. Visit any BOI branch to apply directly; don\u2019t fall victim to middlemen,\u201d he advised.<\/p>\n

The scheme requires applicants to present key documents, including a federal civil service guarantor, to qualify.<\/p>\n

Mr Michael Agidani, BOI manager in Ogun State, shared that the bank has already begun disbursing loans, with an initial N1 billion reaching MSMEs in the state.<\/p>\n

As the rollout begins, the initiative\u2019s reach is expected to improve national economic resilience, expand export capacities, and fulfill Tinubu\u2019s vision of a revitalised Nigerian economy.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Small, and Medium Enterprises, MSMEs, across Nigeria. Scheduled for launch in 2025, this scheme aims to foster economic growth by targeting women and youth-owned enterprises, creating jobs, and stimulating local economies. Minister […]<\/p>\n","protected":false},"author":84,"featured_media":137366,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[11816,11765,254,227],"class_list":["post-137367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-mohammed-idris","tag-msme","tag-nigeria","tag-nigerian-govt"],"yoast_head":"\nNigerian govt announces N75bn single-digit interest loans for MSMEs - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Smal ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian govt announces N75bn single-digit interest loans for MSMEs\" \/>\n<meta property=\"og:description\" content=\"The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Smal ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-07T15:50:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T16:43:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/11\/sm_1730985150.783049.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"856\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigerian govt announces N75bn single-digit interest loans for MSMEs\",\"datePublished\":\"2024-11-07T15:50:38+00:00\",\"dateModified\":\"2024-11-07T16:43:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\"},\"wordCount\":476,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/11\/sm_1730985150.783049.jpg\",\"keywords\":[\"Mohammed Idris\",\"MSME\",\"Nigeria\",\"Nigerian Govt\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-govt-announces-n75bn-single-digit-interest-loans-for-msmes\",\"name\":\"Nigerian govt announces N75bn single-digit interest loans for MSMEs - 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