BoI N75bn Loan Fund Aims to Support MSMEs Across Nigeria
The Bank of Industry (BoI) has taken a bold step to help Micro, Small, and Medium Enterprises (MSMEs) across Nigeria by improving their capacity to access a special N75 billion intervention fund. The move is expected to create over 75,000 direct jobs and 150,000 indirect jobs for Nigerians.
This announcement was made during a Presidential Loan Clinic held in Abuja, where key government officials, small business owners, and stakeholders discussed how the loan scheme is progressing and the challenges MSMEs are facing when applying for it.
The loan clinic was organized by the Bank of Industry in partnership with the Office of the Special Adviser to the President on MSMEs and Job Creation. The goal is to promote inclusive economic growth by empowering Nigerian entrepreneurs.
BoI Highlights MSMEs Growth and Job Creation With Loan Support
At the event, the BoI Managing Director, Dr. Olasupo Olusi, represented by Mr. Yinka Adegboye, said that many loans have already been approved. Some have been disbursed, while others are delayed due to missing documents or incomplete requirements.
He said, “We want every qualified Nigerian entrepreneur to access this N75bn fund. We’re not only giving out money, but we’re also helping small businesses grow in a way that creates real impact. We’re building your business capacity, checking how funds are used, and making sure the result is job creation and value for the economy.”
Mr. Adegboye also encouraged more entrepreneurs to apply, saying that the fund is still available, and the bank is ready to guide applicants throughout the process.
MSME Loans Already Approved for 662 Businesses in FCT Alone
In the Federal Capital Territory, the BoI has already approved funding for 662 businesses, amounting to ₦2.9 billion. Out of this, ₦900 million has been disbursed to 262 companies, according to Mr. Nasiru Ozovehe, BoI Regional Manager for North Central.
He noted that the fund targets MSMEs in all sectors, especially registered businesses that show signs of potential growth and job creation.
Mr. Ozovehe urged those operating unregistered businesses to take the opportunity to formalize their ventures so they can qualify for the available loans.
Loan Terms for MSMEs: N5 Million Maximum at 9% Interest
The special loan comes with favorable terms for MSMEs. The maximum loan amount is ₦5 million, and it is only accessible to businesses with complete registration and necessary documents.
According to BoI officials, this affordable financing option is aimed at creating at least 100,000 long-term jobs and improving the economic well-being of many Nigerian families.
A major highlight of the fund is the low-interest rate of 9% per year. Additionally, there is a three-month moratorium and a three-year repayment period, which gives MSMEs time to grow and stabilize before repaying the loan.
Presidency Backs MSMEs Funding Under Renewed Hope Agenda
Speaking at the event, the Special Adviser to the President on MSMEs and Job Creation, Mr. Temitola Adekunle-Johnson, said the intervention fund aligns with the Renewed Hope Agenda of President Bola Tinubu.
He emphasized that the federal government is committed to youth empowerment, job creation, and growing small businesses as a key part of national development.
Mr. Temitola added, “This program is not just about giving loans. It’s about ensuring those loans help your business succeed. The BoI is working directly with applicants to ensure everything is done properly and that the money is used well.”
Real-Life Impact: MSMEs Benefiting From N75bn Loan Scheme
Many small business owners shared their success stories at the event. One of them, Damilola Afolabi, CEO of The Ladies Empire, said the loan has been a game-changer for her business.
“We were able to buy more equipment, employ more staff, and grow our operations. The three-month moratorium helped us stabilize before starting repayment. We are really thankful,” she said.
This testimony highlights how the BoI loan program is already impacting lives, businesses, and communities across Nigeria.
BoI Urges Entrepreneurs to Apply for Available Funds
The BoI used the loan clinic to call on more Nigerian entrepreneurs to apply for the N75 billion fund. Officials stressed that the funds are still available, and they are ready to assist applicants who meet the requirements.
They also advised business owners to avoid errors in documentation and to follow the proper channels for application.
With proper guidance, more MSMEs are expected to benefit, create jobs, and help build a stronger Nigerian economy.