The Federal Government (FG)has disbursed N1.48 billion in loans to over 29,000 micro and small-scale business owners in Imo State as part of its initiative to support the growth of Micro, Small, and Medium Enterprises (MSMEs).
The announcement was made on Friday, May 1, during a town hall meeting in Owerri, which focused on the Federal Government’s loan scheme for MSMEs.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), revealed the figure, noting that the loans are part of the N200 billion Special Intervention Fund introduced under President Bola Tinubu’s prosperity agenda.
Represented by the Divisional Head of MSME South at BOI, Olusi highlighted the aim of the scheme to address ongoing challenges faced by MSMEs, such as limited access to affordable finance and high operational costs.
Business owners can access loans of up to N5 million at an annual interest rate of 9 percent.
The loan package offers a three-month moratorium and a repayment period of up to three years, designed to help ease financial pressures on entrepreneurs looking to grow or stabilize their businesses.
“Application is open to the public, and the Bank of Industry facilitates verification of applicants’ data to ensure transparency and ease of disbursement,” Olusi said.
“We call on all stakeholders, community leaders, youth groups, women’s associations, and local governments to act as active advocates of the scheme.”
The Bank is collaborating with professional associations, including the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), to engage their members and enhance access to the loan scheme.
Local business leaders have welcomed the initiative with optimism.
Ugochukwu Ohaegbu, the Secretary of NASME in Imo, urged registered business owners to join the association in order to maximize the benefits of the program.
“It is essential for business owners to be properly documented and aligned with structured groups to ensure their access to these funds is streamlined,” he said.
For some, the support has already begun to make a significant impact.
Chief Nduka Norbert, a local pig farmer and one of the early recipients of the program, shared how a N50,000 grant he previously received helped sustain his business during a period of disease outbreaks and livestock losses.
At Friday’s town hall meeting, a short documentary was also screened, highlighting the success stories of beneficiaries whose businesses have flourished thanks to government-backed grants and loans.
The documentary served as a powerful reminder of the transformative effects these initiatives can have on local enterprises.
With the disbursement of N1.48 billion in Imo, the Federal Government is demonstrating its commitment to empowering MSMEs as key drivers of economic recovery and job creation.
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