JUST IN: FG, BOI, RELEASES DATE TO Distribute N75 Billion In Loans To MSMEs, Boosting Economic Growth

JUST IN: FG, BOI, RELEASES DATE TO Distribute N75 Billion In Loans To MSMEs, Boosting Economic Growth....KINDLY READ THE FULL STORY HERE▶

In an official announcement on Tuesday, the Office of the Vice President disclosed its plans to initiate the distribution of loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in collaboration with the Bank of Industry, starting in January 2024…CONTINUE READING

READ ALSO:https://bushradiogist.com/breaking-news-asuu-presents-n1-7-million-to-15-uniuyo-students-as-a-gift/

Approximately N75 billion in loans will be extended to small businesses nationwide, with an attractive 9% interest rate, as revealed in a statement signed by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation & MSMEs, in the Office of the Vice President. The statement, titled ‘BOI-FG Single Digit Loans for MSMEs to Commence Jan 2024,’ underscores the commitment to supporting small businesses across the country.

Adekunle-Johnson emphasized the government’s focus on leveraging existing platforms to facilitate the loan disbursement process, particularly targeting women and youth entrepreneurs. The administration, led by Vice President Kashim Shettima, has actively collaborated with stakeholders in both the public and private sectors to provide substantial support for MSMEs through grants and loans, as demonstrated by the recent upward adjustment of Access Bank’s loan scheme for MSMEs from N30 billion to N50 billion.

This significant development follows Vice President Shettima’s assurance to Nigerian small business owners six months ago that the government, under the leadership of the Tinubu-led administration, would expedite access to single-digit loans within the shortest feasible time. Shettima reaffirmed the government’s recognition of the crucial role played by MSMEs in driving economic growth, job creation, and fostering innovation.

Highlighting the administration’s commitment, Shettima urged all stakeholders to collaborate in championing the growth and success of MSMEs, emphasizing the importance of providing a supportive environment and enhancing access to finance for these enterprises. As the government works to ensure swift access to single-digit loans, Shettima acknowledged the challenges faced by MSMEs in light of subsidy removal and reiterated the government’s dedication to achieving sustainable development for all.

For more information join our whatsapp group by clicking the link here: WhatsApp Group Invite

Source; Bushradiogist