The Bank of Industry (BoI) has launched an application portal for Nigeria’s ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund, aiming to provide affordable credit to support 75 million MSMEs. The fund offers loans of up to ₦1 million per MSME, at a 9% interest rate, repayable over three years, and notably does not require collateral. The portal is accessible online, providing a streamlined application process for interested MSMEs.
During the joint announcement with the Nigerian Association of Small Scale Industrialists (NASSI), NASSI President Dr. Solomon Vongfa highlighted that this fund is intended to empower MSMEs by improving access to credit and fostering growth through technical assistance and capacity-building initiatives. NASSI plans to conduct workshops and seminars nationwide to educate business owners about the fund’s eligibility, application process, and benefits.
This program represents a significant push by the government to strengthen the MSME sector, which plays a crucial role in Nigeria’s economy and employment landscape.