Federal Government to disburse ₦75 billion loans to MSMEs in January, 2024
The move is part of an effort in keeping to President Tinubu’s promise to support the transformation of the MSMEs space in the country.
Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, made this known in a statement on Tuesday in Abuja.
Adekunle-Johnson said that the move was part of an effort in keeping to President Bola Tinubu’s promise to support the transformation of the MSMEs space in the country…………………………………….CONTINUE READING
He revealed that the loans totaling about ₦75 billion would be given to small businesses across the country at an interest rate of 9%. Adekunle-Johnson explained that the Federal Government and the bank would leverage existing platforms to provide the loans to small businesses, targeting women and youths.
He said that Tinubu’s Federal Government since assumption of office collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans. Adekunle-Johnson said, “Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from ₦30 billion to ₦50 billion.
“The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.”
