Abuja, Oct. 29, 2024 – The Bank of Industry (BoI) has opened application portal for the federal government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
The bank disclosed this at a joint press conference with the Nigerian Association of Small-Scale Industrialists (NASSI).
Amina Habu Mohammed, who represented the bank at the conference, said the fund targets 75 million SMSEs at N1 million each at 9% interest rate for a period of three years without collateral.
She said the loan would boost activities of MSMEs and improve the living conditions of the people, adding that the application portal could be accessed online.
Dr Solomon Vongfa, the National President of NASSI, said the N75 billion intervention fund as a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“This landmark programme, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.
“The N75 billion MSME intervention fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“The fund will provide technical assistance and capacity-building programs to help MSMEs improve their business practices and enhance their competitiveness.
“As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitising MSMEs about this groundbreaking initiative.
“We will organise workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partnership with BOI across the 36 states.”
The Memorandum of Understanding (MoU) for the disbursement of the funds was signed by the Bank of Industry (BoI) and NASSI last week Wednesday in Abuja.
