The Bank of Industry (BoI) has officially opened the application portal for the federal government’s ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. The initiative, announced in a joint press conference with the Nigerian Association of Small Scale Industrialists (NASSI), targets MSMEs by offering loans up to ₦1 million each at a 9% interest rate, repayable over three years, and without any collateral requirement.
According to BoI representative Amina Habu Mohammed, the fund’s primary goal is to support MSME growth and enhance citizens’ quality of life. The online portal provides accessible application for eligible MSMEs across the country.
Dr. Solomon Vongfa, National President of NASSI, praised the initiative, describing it as a “beacon of hope” for many MSMEs in need of affordable credit. He emphasized that the fund not only provides financial assistance but also offers technical support and capacity-building programs to improve business practices and competitiveness.
NASSI is committed to raising awareness about the fund by organizing workshops, seminars, and outreach programs nationwide in collaboration with the BoI. This effort underscores the government’s commitment to strengthening MSMEs, which are crucial for economic development and job creation in Nigeria.
