The Federal Government has allocated N1.48 billion in loans to over 29,000 micro and small-scale entrepreneurs in Imo State, as part of a broader initiative to bolster economic growth and job creation. The announcement came during a town hall meeting in Owerri focused on the Federal Government’s loan scheme for Micro, Small, and Medium Enterprises (MSMEs). Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), outlined the initiative as a component of the N200 billion Special Intervention Fund launched under President Bola Tinubu’s prosperity agenda, aimed at addressing challenges such as limited access to affordable financing and high operational costs faced by small businesses.
Under the scheme, eligible business owners can access loans of up to N5 million with an annual interest rate of 9%, featuring a three-month repayment moratorium and a flexible repayment window of up to three years. Dr. Olusi, represented by BOI’s Divisional Head of MSME South, emphasized transparency in the application process, urging community leaders, women’s groups, and local governments to promote the program. The BOI is also collaborating with professional associations, including the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), to widen participation.
Local business leaders expressed optimism about the initiative’s potential. NASME’s Imo State Secretary, Mr. Ugochukwu Ohaegbu, advised registered businesses to formalize their documentation and align with structured groups to streamline access to funds. Beneficiaries like Chief Nduka Norbert, a pig farmer, highlighted the impact of prior government support, recounting how a N50,000 grant helped revive his business after disease-related losses.
The town hall meeting featured a documentary showcasing success stories of entrepreneurs who expanded their ventures through similar interventions, underscoring the program’s transformative potential. With this disbursement, the Federal Government reaffirms its commitment to leveraging MSMEs as catalysts for economic recovery, aiming to foster resilience and innovation at the grassroots level.
