FG and BOI Disburse N75bn Loans To MSMEs In 2024 – See How to Benefit From BOI-FG Loan
The Federal governement of Nigeria through the office of the Vice President and the Bank of Industry in a recent statement released by Mr. Temitola Adekunle-Johnson the Senior Special Assistant to the President on Job Creation & MSMEs.
According to the statement, the loan totaling N75 billion Naira will be disbursed to Micro Small, and Medium-sized Enterprises in collaboration with the Bank of Industry in January 2024 at a single-digit interest rate of 9%.
Who Is Eligible for BOI-FG Loan | FG and BOI Disburse N75bn Loans To MSMEs In 2024
According to the statement titled “BOI-FG single digit loans for MSMEs to commence Jan 2024.” Adekunle-Johnson said the FG and the Bank will leverage existing platforms to provide loans to small businesses, targeting women and youths.
- The loan is for Nigerian MSMEs
- The loan is targetted at Youths and Women
FG-BOI Loan
The release of this information by the office of the vice president is in line with the promise made during the recent World Micro Small and Medium Enterprises Day on June 27, 2023. where the vice president said, “The government is working urgently to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible,”.
How to Apply for BOI-FG Loan
Although no specific information was given as to how intending beneficiaries can apply for this loan, there are possibilities that the application for the loan will be done through the new Presidential Palliative Loan portal https://www.fedgrantandloan.gov.ng/ or the SMEDAN Loan portal since the statement said: “leverage existing platforms to provide loans to small businesses”.
Benefits of FG-BOI Loan
- Poverty reduction
- Increased Output
- Low-interest rate
- Job Creation
- Economic diversification, etc
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