In a move aimed at boosting the growth of Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), Sage Grey Finance Limited has teamed up with the Bank of Industry (BoI) to provide accessible and affordable financing options to MSMEs across the country.
This strategic partnership, unveiled in Lagos, supports the federal government’s MSMEs Fund and is geared toward fostering business expansion, job creation, and economic growth. The collaboration focuses on offering customized financial solutions to businesses, helping them scale and thrive in a challenging economic landscape.
The initiative is in line with Sage Grey Finance’s mission to bridge the financing gap that many small businesses face, promoting inclusive development across Nigeria. By partnering with key industry players, Sage Grey aims to leverage shared expertise to deliver financial solutions that nurture sustainable business growth.
Jumo Atiba, Executive Director at Sage Grey Finance, shared the significance of the partnership, saying, “We are excited to work with the Bank of Industry in this crucial effort to support MSMEs. We understand the vital role MSMEs play in driving Nigeria’s economic progress, and we are committed to providing the financial support needed to help these businesses grow and succeed.” Atiba further emphasized the shared vision of both organizations to create jobs, foster entrepreneurship, and unlock the economic potential of grassroots enterprises.
Despite their contribution to the economy, Nigeria’s MSMEs face a $236 billion financing gap, according to a recent report by Stears. A significant portion of the country’s 40 million MSMEs is excluded from formal financial systems, often turning to high-interest, informal credit options instead.
In a 2024 PwC MSME Survey, it was revealed that Nigerian MSMEs need about $32.2 billion (N13 trillion) in financing to continue growing sustainably. This substantial shortfall has hindered the potential for small businesses to expand and create jobs, posing a challenge to Nigeria’s broader economic development.
Through this partnership, eligible MSMEs will be able to access loans of up to N5 million at a competitive interest rate of 9% per annum, aimed at making financing more affordable and accessible for small business owners.
Since its establishment, Sage Grey Finance has been dedicated to promoting financial inclusion and sustainable growth. In 2022, the company partnered with SPL Utorogu Limited to build a $200 million gas processing plant, contributing to Nigeria’s energy security and overall economic prosperity. Additionally, Sage Grey collaborates with the Wisewalk Foundation to support trauma-informed counseling and empowerment programs for young people, helping to foster resilience and personal growth.
