In collaboration with the Bank Of Industry (BOI), the Federal Government is set to carry out disbursement of loans worth N75billion to micro, small and medium enterprises across the country.
This development was contained in a statement signed by the Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, Temitola Adekunle Johnson, who said the beneficiaries will enjoy an interest rate of 9% on the loans.
Johnson also explained that the loan initiative was targeted mostly at women and youths, adding 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 said
The statement also disclosed that the present administration is committed to providing massive support to MSMEs both in grants and loans
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