Kehinde Fajobi
The Bank of Industry (BoI) has opened its application portal for the Federal Government’s ₦75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
This announcement was made on Monday during a press conference in Abuja, where a Memorandum of Understanding (MoU) was signed between the Nigerian Association of Small Scale Industrialists (NASSI) and BoI.
Amina Habu Mohammed, a representative of the BoI, explained that the fund is designed to support 75 million MSMEs, providing up to ₦1 million each at a nine per cent interest rate over three years without requiring collateral.
She stated, “The flexible loan aims to boost SMSEs in the country and improve the living conditions of the people.” The application portal can be accessed at https://fgnboimsmeinterventionloan.boi.ng/.
Dr. Solomon Vongfa, the National President of NASSI, praised the initiative, calling it “a beacon of hope for countless MSMEs that have been struggling to access affordable credit.”
He added, “This landmark program, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.”
Vongfa highlighted that the fund offers competitive interest rates, making it easier for MSMEs to secure necessary capital for expansion.
He also noted that the application process has been streamlined to reduce bureaucratic hurdles and ensure timely fund disbursement. The initiative will provide technical assistance and capacity-building programmes to help MSMEs enhance their competitiveness.
On NASSI’s role, Vongfa said, “As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitizing MSMEs about this groundbreaking initiative.”
He announced plans to organise workshops, seminars, and outreach programmes across all 36 states to educate entrepreneurs on the fund’s eligibility criteria and application process.
He urged all eligible MSMEs to apply, stating, “This is a golden chance to unlock your business’s full potential and contribute to the economic prosperity of our nation. The ₦75 billion MSME Intervention Fund is a game-changer for Nigerian MSMEs.”
Vongfa concluded with gratitude to the Federal Government and BoI for their efforts in realising this initiative.