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The Bank of Industry (BOI), in partnership with the Federal Government of Nigeria (FGN), has launched a transformative ₦75 billion intervention fund. Aimed at Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, the fund offers subsidized loans at a 9% per annum interest rate to support growth in manufacturing and agro-processing sectors, with a focus on utilizing local raw materials and creating job opportunities through the National Enterprise Development Programme (NEDEP). Here’s how eligible MSMEs can easily apply for this significant support.
Purpose and Benefits of the BOI/FGN ₦75 Billion Intervention Fund
The fund targets MSMEs in manufacturing and agro-processing, offering unique benefits:
- Subsidized Interest Rate: A single-digit interest rate of 9% per annum makes this fund an affordable financing option for business expansion.
- Job Creation and Skills Development: NEDEP, overseen by SMEDAN, emphasizes skill acquisition, entrepreneurship training, and access to finance, aiming to create 5 million jobs nationwide.
- Enhanced Local Production: By focusing on value addition, this fund supports local resources and enhances productivity within Nigeria.
Eligibility Criteria
To qualify for the BOI/FGN 75 Billion Fund, applicants must:
- Be a Registered Business: Only duly registered Limited Liability Companies, Enterprises, and Cooperatives can apply.
- Operate in Targeted Sectors: The fund is designated for businesses in manufacturing and agro-processing that focus on adding value to local raw materials.
- Maximum Loan Amount: Eligible businesses can access up to ₦20 million, depending on their needs and BOI’s assessment.
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