To promote equitable economic growth in the nation, the Federal Government increased the amount of single-digit loans available to small enterprises to N5 million.
The statement was made on Friday at a town hall sensitisation on the Federal Government Grant and Loan Scheme in Lagos by Dr Olasupo Olusi, the Managing Director and Chief Executive Officer of the Bank of Industry.
The Federal Ministry of Finance organised the event in coordination with the Bank of Industry, the Presidency, the Federal Ministry of Industry, Trade, and Investments, and other relevant parties.
Olusi commended President Bola Tinubu for making the N200 billion Presidential Intervention Fund for Micro, Small, and Medium-Sized Enterprises available, as indicated by Umar Shekarau, Executive Director, MSMEs, BoI.
He stated that MSMEs were to get N75 billion from the presidential conditional grant and loan program and that the program was anticipated to generate thousands of direct and indirect jobs across the country.
According to the BoI chief, the fund, which was made possible by the Bank of Industry countrywide, was already in the bank and prepared to be distributed to recipients at an interest rate of just 9%.
To take advantage of loans and grants, he advised business owners to contact the BoI or register online directly, bypassing middlemen.
