The Bank of Industry (BOI) has announced that the Federal Government plans to support over 75,000 small businesses across Nigeria through a N75 billion grant and loan program. This initiative aims to create more than 75,000 direct jobs and 150,000 indirect jobs nationwide.
At a meeting in Uyo, Akwa Ibom State, the BOI State Manager, Mr. Tolulope Toluwase, encouraged people to apply quickly because applications will be processed on a first-come, first-served basis. Successful applicants will receive N1 million loans to grow their businesses, which they can repay over three years in monthly installments.
The BOI recently opened its application portal for the program. Mr. Toluwase explained that this project focuses on helping Micro, Small, and Medium Enterprises (MSMEs) grow. He said, “N1 million per beneficiary can make a big difference in boosting small businesses.”
He added that applicants must meet certain requirements, such as being business owners, sole proprietors, and registered with the Corporate Affairs Commission. The loan has a single-digit interest rate, making it more affordable.
Mr. Toluwase also stressed the importance of applying early: “Don’t wait. Apply now because states with more applications will be prioritized. Once the target for a state is met, the portal for that state will close.”
The Akwa Ibom State Commissioner for Trade and Investment, Mr. John James, described MSMEs as the backbone of Nigeria’s economy. He praised the federal government for the program and urged recipients to use the funds for their intended purpose.
“MSMEs employ about 80% of our population and contribute around 40% to our GDP,” he said. “We thank President Bola Tinubu for this support and our state governor, Umo Eno, for helping MSMEs grow. Please use the funds responsibly to achieve the program’s goals.”
One of the beneficiaries, a poultry farmer named Anietie Udoh, shared her experience. She received a N50,000 grant and confirmed that the program is genuine and fair. “This program is real, with no bias or political favoritism,” she said.
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