FG begins disbursement of N75bn single digit mortgage to MSMEs
Flowerbud News
The Federal Government has commenced the disbursement of N75 billion single digit mortgage to Micro, Small and Medium Enterprises (MSMEs) by the Bank of Industry (BOI).
Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, made this recognized in Abuja at a nationwide city corridor assembly to sensitise MSMEs to the Presidential Grant and Loan Scheme.
Adekunle-Johnson defined that the city corridor assembly was happening concurrently in Ogun, Bauchi, Enugu and Kaduna states with a view to coach MSMEs on the circumstances for accessing the mortgage.
“We are reside in Ogun, Bauchi, Enugu, Kaduna states concurrently. In 2023 President Bola Tinubu permitted some funds as palliative to cushion the results of subsidy removing.
“We are right here as we speak to sensitise MSMEs to the mortgage which is at present open everywhere in the nation.
“MSMEs can work into any Bank of Industry from as we speak and apply for this mortgage. It is a single digit mortgage, it’s 9 per cent, it’s mounted, no hidden costs.
“This is the one and solely single digit mortgage you may get and you may stand up to N1 million.
“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” he stated.
The presidential aide stated that his workplace had been collaborating with BOI, which is a vital implementing company for the scheme.
“If you wants any info, if you’re undecided of something, go to the financial institution of trade.
“Once you provide the requirements, very quickly you will get yours, immediately,” Adekunle-Johnson stated.
Earlier, the Managing Director of BOI, Dr Olasupo Olusi, defined that the N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises was established to help them in the direction of driving financial development and job creation.
The News Agency of Nigeria (NAN) experiences that the MD was represented by Mabel Ndagi, Executive Director, Public Sector and Interventions of BOI.
He stated that MSMEs are the driving drive behind the nom-oil economic system, contributing considerably to innovation, financial development and job creation within the agriculture, manufacturing and providers sectors.
“Despite the immense contribution to financial development, MSMEs wrestle to entry the mandatory funding to succeed in their full potential.
“In recognition of this, the Federal Government introduced the N200 billion intervention fund for MSMEs and Manufacturing Enterprises and appointed Bank of Industry as the executing agency to implement this initiative,” he stated.
He reiterated that BOI stays dedicated to enjoying its half in selling and supporting MSMEs development throughout the nation.
Also, the Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, stated the financial institution was dedicated to supporting MSMEs.
“In 2008, we targeted on MSMEs with explicit consideration on ladies and youths.
“94 per cent of all companies are MSMEs; 66 per cent of that, are owned by ladies and youths.
“That is the reason for our focus; we want to be known as Nigeria’s MSMEs bank,” he stated
NAN
