Lucky Obukohwo, Reporting
In what is described as a new lifeline to Nigerian business owners, the Bank of Industry (BoI) has announced the opening of its application portal for would-be beneficiaries the Federal Government’s N75billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
The Nigerian Association of Small Scale Industrialists (NASSI) commended the FG for the initiative, describing it as lifeline for Nigerian MSMEs.
A representative of the BoI, Amina Habu Mohammed disclosed the takeoff of the application process during a press conference on a Memorandum of Understanding (MoU) between NASSI and Bank of Industry and sensitization on N75 billion MSME Intervention Fund in Abuja.
Amina said the fund targets 75 million SMSEs at N1 million each at nine percent interest rate for a period of three years without collateral.
He said the flexible loan targets to boost SMSEs in the country and improve the conditions of living of the people and that the application portal can be accessed at https://fgnboimsmeinterventionloan.boi.ng/
The National President of NASSI, Dr Solomon Vongfa, in his remarks, described the N75 billion as a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“I stand before you today to express our profound gratitude to the Federal Government of Nigeria for its visionary initiative to launch the N75billion MSME Intervention Fund.
“This landmark programme, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.
“The N75billion MSME Intervention Fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“This initiative will undoubtedly catalyze economic growth, create jobs, and foster innovation”, Vongfa said.
According to him, the fund offers loans at competitive interest rates, making it easier for MSMEs to secure the capital they need to expand their operations.
He said that the application process has been streamlined to minimise bureaucratic hurdles and ensure timely disbursement of funds.
He said the fund would provide technical assistance and capacity-building programmes to help MSMEs improve their business practices and enhance their competitiveness.
On the role of NASSI, Vongfa said: “As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitizing MSMEs about this groundbreaking initiative.
“We will organize workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partnership with BOI across the 36 states.”
“We urge all eligible MSMEs to seize this opportunity and apply for the N75 billion MSME Intervention Fund.
“This is a golden chance to unlock your business’s full potential and contribute to the economic prosperity of our nation.
“The N75 billion MSME Intervention Fund is a game-changer for Nigerian MSMEs.
“By working together with the government and financial institutions, we can create a thriving entrepreneurial ecosystem that will drive sustainable economic growth.
“We extend our heartfelt thanks to the Federal Government and the Bank of Industry for their tireless efforts in making this initiative a reality”, Vongfa said.