Entrepreneurship

BoI Launches Access to FG’s ₦‎75 Billion MSME Fund

BoI Launches Access to FG’s ₦‎75 Billion MSME Fund

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.

Read:  Nigeria’s entrepreneurs key to Africa’s prosperity- U.S. Consul General Pierangelo.

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.

Read:  Tony Elumelu Foundation Partners EU To Empower Women From 54 Countries

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.

Related posts

Union Bank, TEDxLagos Inspire Entrepreneurs

NigGal

Nigerian e-health startup Clafiya closes $610k pre-seed funding round.

NigGal

Top 26 Young Entrepreneurs in Africa Selected for New Three-Year Anzisha Prize Fellowships.

NigGal

New Ways of Working in Africa.

NigGal

Nigerian startups invited to apply for $10k Pitch2Win challenge.

NigGal

Nigerian Rent4Less raises $1m private placement bond to entrench monthly rental culture in Africa.

NigGal

Leave a Comment