FG and BOI Disburse N75bn Loans To MSMEs – Apply Now
The office of the Vice President of Nigeria and the Bank of Industry has just released a statement through Mr. Temitola Adekunle-Johnson the Senior Special Assistant to the President on Job Creation & MSMEs that they will disburse 75 billion Naira loan to various MSMEs in Nigeria in the coming year.
According to the statement, the loan totaling N75 billion Naira will be disbursed to Micro Small, and Medium-sized Enterprises in collaboration with the Bank of Industry starting from January 2024 at a single-digit interest rate of 9%.
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Who is Eligible for FG and BOI N75 Billion Loan
According to the statement titled “BOI-FG single digit loans for MSMEs to commence Jan 2024.” the spokesperson Mr. Adekunle-Johnson said FG and BOI will leverage existing platforms to provide loans to small businesses, targeting women and youths.
- Women or youths with a small-scale business, are eligible to apply for this loan.
FG-BOI N75bn LOAN
The release of this information by the office of the vice president is in line with a promise he made during World Micro Small and Medium Enterprises Day on June 27. The vice president said, “The government is working urgently to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible,”.
How to Apply for FG-BOI Loan
No specific information was given regarding how to apply for the loan but you can check for the loan option under the new Presidential Palliative Loan portal https://www.fedgrantandloan.gov.ng/ or also visit SMEDAN Loan portal since the loan is targetted at MSMEs, one of these portals might be used.
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