The Bank of Industry (BOI) has approved a total of ₦2.9 billion for 662 micro, small and medium enterprises (MSMEs) in the Federal Capital Territory (FCT), with ₦900 million already disbursed to 262 beneficiaries.
The loan scheme update was revealed at the Presidential Loan Clinic for MSMEs held in Abuja, organised by BOI in collaboration with the Office of the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation.
The event brought together key stakeholders, Government officials, and entrepreneurs to review the progress and challenges of the ongoing ₦75 billion MSME intervention fund.
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The loan initiative, launched as part of President Bola Tinubu’s Renewed Hope Agenda, aims to strengthen the capacity of small businesses, stimulate employment, and accelerate inclusive economic growth across the country. The fund is expected to create over 75,000 direct jobs and 150,000 indirect jobs nationwide.
Speaking at the event, Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, represented by Yinka Adegboye, Divisional Head, Multilaterals Division, disclosed that while several loans had been successfully disbursed, some applications were still pending due to documentation and compliance issues.
“We have approved several loans, and while some have been disbursed, others are pending due to reasons ranging from insufficient documentation to compliance gaps.
“This MSMEs engagement is designed to address these challenges head-on. We want every qualified Nigerian entrepreneur to benefit from this fund,” Olusi said
Olusi emphasised that the fund was structured not only to provide access to affordable financing but also to build long-term capacity, monitor outcomes, and ensure the initiative delivers tangible economic value.
“The funds are still available, and we urge more entrepreneurs to take advantage of them,” he added.
Also speaking at the event, Nasiru Ozovehe, the bank’s Regional Manager for North Central, highlighted that the loan programme is open to all sectors, but limited to registered businesses that demonstrate growth potential and job creation capability.
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“The objective of the programme is to support MSMEs with affordable financing, create at least 100,000 sustainable jobs, and improve the overall welfare of Nigerian households
“The maximum loan amount is ₦5m, and it is only accessible to businesses with valid registration and documentation,” Nasiru said.
He further urged unregistered businesses to formalise their operations in order to benefit from the fund.
Temitola Adekunle-Johnson, Special Adviser to the President on MSMEs and Job Creation, underscored the Federal Government’s commitment to not only disbursing funds but also ensuring that entrepreneurs are adequately supported to utilise the loan productively.
“The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed.
“The BOI is working directly with beneficiaries to ensure proper documentation and utilisation. This is not just about giving out money; it’s about making sure the money works for your business, creates jobs, and grows the economy,” he stated
The loan clinic also served as a platform for beneficiaries to share testimonials. One such entrepreneur, Damilola Afolabi, Managing Director of The Ladies Empire, described the loan as transformative for her business.
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“This loan has truly helped our business. We were able to buy more equipment, employ more staff, and expand our operations.
“It is a nine per cent interest loan, with a three-year repayment period and a three-month moratorium, which gives us the breathing space to stabilise before repayment. We are thankful to the federal government and BOI for this timely intervention,” she said
Participants received further guidance on loan conditions, disbursement procedures, and monitoring requirements. The BOI reaffirmed that funds are still available and encouraged more entrepreneurs to apply.
