The Bola Ahmed Tinubu-led Nigerian Government has approved a ₦75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Small, and Medium Enterprises, MSMEs, across Nigeria.
The scheme, scheduled for launch in 2025, was contained in a statement by the Minister of Information and National Orientation, Alhaji Mohammed Idris at a town hall meeting in Abuja.
“This scheme is a concrete manifestation of Tinubu’s commitment to economic transformation. By focusing on MSMEs, which are the backbone of our economy, we aim to diversify income streams, boost exports, and provide valuable job opportunities,” he said.
The loan, a joint effort among the Federal Government, the Bank of Industry, BOI, and state governments, offers single-digit interest rates with individual loans capped at ₦1 million.
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