President Bola Tinubu
Eko Hot Blog reports that the Office of the Vice President has collaborated with the Bank of Industry (BOI) to commence the distribution of loans to strengthen the Micro, Small, and Medium Enterprises (MSMEs) sector in the country, starting from January 2024.
This was contained in a press statement issued on Thursday by Mr Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President,
The statement partly reads: “the loans, totalling about N75 billion, will be given to small businesses across the country at an interest rate of 9 percent.”
“The Federal Government and the Bank will leverage existing platforms to provide the loans to small businesses, targeting women and youths.
Recall that the Federal Government has since the coming to office of the Tinubu administration, collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.”
Vice President Kashim Shettima And Access Bank Management Member
“Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.
The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.”
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