The Bank of Industry (BOI) has reiterated its commitment to driving inclusive economic growth by improving access to affordable credit for Nigeria’s micro, small and medium-sized enterprises (MSMEs), as part of the ongoing disbursement of the N75 billion Presidential Intervention Fund.
At the recent Presidential Loan Clinic for MSMEs in Abuja, BOI revealed that 662 businesses in the Federal Capital Territory (FCT) have received loan approvals totalling N2.9 billion, with N900 million already disbursed to 262 companies.
The event was organised in collaboration with the Office of the Special Adviser to the President on MSMEs and Job Creation. It brought together government officials, industry leaders, and loan recipients to review progress and identify challenges related to the intervention programme.
Speaking at the event on behalf of BOI’s Managing Director, Olasupo Olusi, Divisional Head of the Multilaterals Division, Mr. Yinka Adegboye, emphasized that the fund is designed not just to provide loans, but to build capacity, track impact, and ultimately support sustainable job creation.
“We have approved several loans, and while some have been disbursed, others are pending due to issues such as incomplete documentation and compliance gaps,” Olusi said.
He urged entrepreneurs with approved loans to promptly address documentation issues to facilitate disbursement.
The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes youth empowerment, MSME development, and economic stability.
Also speaking, Nasiru Ozovehe, BOI’s Regional Manager for the North Central, reiterated that the loan programme targets formally registered businesses across all sectors, and aims to generate at least 100,000 sustainable jobs nationwide.
“The maximum loan amount is N5 million. It’s available to businesses with proper registration and documentation. We encourage informal businesses to formalize their operations to benefit,” he said.
Highlighting the real-world impact, Damilola Afolabi, CEO of The Ladies Empire and a beneficiary, shared how the loan enabled her to expand operations, buy new equipment, and hire more staff.
“It’s a 9% interest loan with a three-year repayment term and a three-month moratorium. It gave us room to breathe and stabilise,” she said, applauding the BOI and federal government for the support.
The Special Adviser to the President on MSMEs and Job Creation, Temitola Adekunle-Johnson, reassured attendees of the government’s resolve to ensure effective utilisation of the fund.
“This initiative is not just about giving out money—it’s about making sure the money works for your business, creates jobs, and supports long-term growth,” he said.
Participants received updates on disbursement timelines, loan terms, and the monitoring and evaluation framework designed to ensure transparency and effectiveness.
With over 39 million MSMEs contributing nearly 50% to Nigeria’s GDP and accounting for over 80% of employment, the BOI’s intervention seeks to empower small businesses as engines of sustainable economic development.
