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BOI secures $1bn loan facility for MSMEs

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The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said on Monday the Bank of Industry (BoI) has secured a $1 billion syndicated loan to support Micro, Small, and Medium Enterprises (MSMEs) in the country.

The minister, according to a statement issued by his Special Assistant on Media, Ifedayo Sayo, disclosed this at a Survival Fund capacity building programme in Abuja,

He said the loan facility has a long-term tenor alongside moratorium benefits.

According to him, the loan will improve the capacity of the bank to effectively support MSMEs across key sectors of the Nigerian economy.

Read also: FG pledges sustained support for MSMEs —Trade Minister

Adebayo also reiterated the ministry’s support for MSMEs development in the country.

He said: “The fund comprises the Payroll Support Scheme which aims at supporting MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees for three months.

“The Artisan and Transport Grant supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals. The General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each.

“And the Guaranteed Offtake Scheme aims at engaging approximately 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries. The scheme supports free registration of companies for 250,000 beneficiaries.”

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