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Vice President Kashim Shettima has revealed that the Federal Government of Nigeria, in collaboration with certain banks, is working towards providing loans amounting to approximately N125 billion to support the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Shettima made this announcement at the Expanded National MSME Clinic in Makurdi, Benue State.
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President Bola Ahmed Tinubu has reportedly pledged to remove bottlenecks affecting the MSME space in the country. The initiative involves a partnership with the Bank of Industry (BoI), which will offer N75 billion for MSMEs at a single-digit interest rate of 9%. Additionally, Access Bank is set to provide the remaining N50 billion at a discounted rate of 15%.
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Vice President Shettima highlighted the commitment of the President to address issues affecting the MSME sector in Nigeria. He stated, “Mr. President is committed to resolving the bottlenecks affecting the MSME space in Nigeria and will persist until these issues are resolved.”
The Federal Government also plans to establish a world-class fashion hub in Makurdi for small businesses in the tailoring cluster in the state. Shettima mentioned that the BoI’s N75 billion fund and Access Bank’s N50 billion offer at a discounted rate aim to enhance MSMEs’ access to capital and stimulate economic growth.
The Vice President emphasized that these interventions align with President Tinubu’s promise of job creation and accessible capital for Nigerians. The collaborative effort is expected to boost entrepreneurship, job creation, and economic development.
The MSME grant Clinic initiative is part of a broader plan, and subsequent clinics are scheduled to take place in Ebonyi, Ogun, Delta, Kaduna, Borno, Katsina, and the Federal Capital Territory (FCT) in the first half of the year.
The effort aims to celebrate the United Nations World MSME grant Day, culminating in the National MSME grant Awards set for June 27, 2024.
