The Bank of Industry (BoI) has officially opened its portal for applications to the Federal Government’s ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund.
This new initiative, launched in partnership with the BoI, seeks to support 75,000 small businesses across Nigeria, providing each with up to ₦1 million at an affordable 9% interest rate.
The announcement came on Monday, during a press conference held by the BoI and the Nigerian Association of Small-Scale Industrialists (NASSI), sparking widespread interest among small business owners.
“This landmark programme,” said Dr. Solomon Vongfa, National President of NASSI, “is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.”
The fund, structured to provide loans without the need for collateral, has been widely hailed as a “beacon of hope” for struggling entrepreneurs.
For many business owners, access to capital has long been a barrier to growth, forcing countless small businesses to rely on high-interest loans or personal savings to survive.
The ₦75 billion intervention fund seeks to break this cycle, offering low-interest loans to encourage growth and stability in the sector.
Dr. Vongfa further explained that the funds are not just a financial boost but will also help MSMEs improve their business practices through technical support.
“This initiative is about much more than financial support,” he stated, “The fund will provide technical assistance and capacity-building programs to help MSMEs improve their business practices and enhance their competitiveness.”
Amina Habu Mohammed, a representative of the BoI, detailed the scope of the initiative and encouraged MSMEs to apply through the newly opened online portal.
According to her, the process is designed to be accessible and transparent, allowing small business owners from all parts of the country to apply without extensive documentation or complicated procedures.
“We want to ensure that every Nigerian entrepreneur, regardless of background, has a fair chance to benefit from this fund,” Mohammed stated.
The initiative is part of the Federal Government’s larger goal to stimulate economic growth by empowering small businesses, which are widely considered the backbone of the Nigerian economy.
Statistics reveal that MSMEs contribute a significant share to Nigeria’s Gross Domestic Product (GDP), accounting for over 40% of the nation’s economic activity.
Yet, many small businesses have struggled to grow due to lack of capital, poor infrastructure, and limited access to resources.
For the government, this new fund is a critical step in reversing this trend and promoting sustainable growth within the sector.
The BoI and NASSI are planning a series of workshops, seminars, and outreach programmes to educate MSMEs about the fund, eligibility criteria, and application procedures.
These sessions are expected to reach entrepreneurs in all 36 states, increasing awareness and maximizing the impact of the fund.
“This fund is a beacon of hope for countless MSMEs that have been struggling to access affordable credit,” Vongfa said, reiterating the government’s commitment to supporting small businesses through this challenging economic climate.
At 9% interest, the loan rate is considerably lower than most commercial lending rates in Nigeria, making it one of the most accessible credit options available to small business owners.
Vongfa and Mohammed both stressed the importance of transparency and accountability in the loan disbursement process, stating that the government is committed to preventing any misuse of funds.
The BoI representative encouraged applicants to approach the fund with integrity, urging them to focus on genuine business needs and growth plans.
“There is a significant responsibility that comes with accessing this fund,” she said, “We want to see these funds go into real businesses, impacting lives and contributing to Nigeria’s economy.”
For MSMEs across the nation, the announcement has generated a wave of hope and enthusiasm, with many entrepreneurs eager to apply.
Analysts see the initiative as a key move in the government’s broader economic strategy, with potential to create jobs, enhance productivity, and boost local industries.
The fund’s emphasis on technical assistance and business capacity-building is also expected to yield long-term benefits for the sector.
The initiative aligns with similar efforts in other African nations, where governments are actively supporting MSMEs to stimulate economic growth and reduce unemployment.
As the application portal opens, entrepreneurs are being encouraged to apply as soon as possible, with some business experts warning that demand may quickly outstrip supply.
Many MSME owners have already expressed their optimism, with some saying this fund could be the breakthrough they’ve been waiting for.
