The federal government has partnered with the Bank of Industry (BOI) to support 75,000 micro, small, and medium enterprises (MSMEs).
In a statement on Tuesday, Olusegun Dada, special assistant to President Bola Tinubu on social media, said the application portal is now open for interested applicants across the country.
Dada said the partnership aims to grant eligible MSMEs loans of N1 million each — totalling N75 million — with a single-digit interest rate.
According to a statement on the website dedicated to the application, the initiative is for MSMEs interested in reducing their production costs, creating jobs and enhancing agricultural productivity.
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“Our programme is designed to empower Micro, Small, and Medium Enterprises (MSMEs) across Nigeria,” the statement reads.
“Whether you’re looking to reduce production costs, create jobs, enhance agricultural productivity, or contribute to economic growth, this initiative is here to support you.”
Applicants are required to complete an online application form and submit necessary documents to support their claims.
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The federal government said the applications will be reviewed, and once approved, funds will be disbursed to the designated accounts.
On September 27, the federal government also partnered with Mastercard to improve digital access to financial services for one million farmers across Nigeria, Kenya, and Tanzania.
