The Bank of Industry (BoI) has announced the launch of its application portal for the Federal Government’s N75 billion Intervention Fund, aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
This initiative, celebrated by the Nigerian Association of Small Scale Industrialists (NASSI), is being hailed as a vital lifeline for the country’s MSMEs.
During a press conference in Abuja, Amina Habu Mohammed, a representative of the BoI, confirmed the opening of the application process. The event also highlighted a new Memorandum of Understanding (MoU) between BoI and NASSI, alongside a sensitization effort about the MSME Intervention Fund.
Mohammed detailed that the fund intends to benefit 75 million MSMEs, each receiving N1 million at a nine percent interest rate for a term of three years, all without requiring collateral. This flexible loan aims to empower small businesses, improve citizens’ quality of life, and foster economic resilience.
The application portal can be accessed at https://fgnboimsmeinterventionloan.boi.ng.
Dr. Solomon Vongfa, National President of NASSI, expressed profound appreciation for the Federal Government’s initiative, describing the fund as a critical source of support for countless small businesses that have struggled to secure affordable financing.
He emphasized that this landmark program, in partnership with BoI, underscores the government’s dedication to empowering MSMEs nationwide. Vongfa remarked, “The N75 billion MSME Intervention Fund is more than just financial support; it represents a beacon of hope for many MSMEs that face challenges accessing affordable credit. This initiative is expected to stimulate economic growth, create jobs, and drive innovation.”
Dr. Vongfa also noted that the fund offers loans at highly competitive interest rates, helping MSMEs to access the capital necessary to expand and strengthen their operations.
Furthermore, he highlighted that the application process has been streamlined to reduce bureaucratic delays and enable efficient disbursement of funds. In addition to financial support, the program will provide technical assistance and capacity-building initiatives to improve MSMEs’ business practices and enhance their competitive edge.
Speaking on NASSI’s role, Dr. Vongfa emphasized their commitment to raising awareness among MSMEs about this transformative initiative. He stated, “As the Nigerian Association of Small-Scale Industrialists, we are dedicated to educating MSMEs about the fund’s benefits, application process, and eligibility criteria. We will conduct workshops, seminars, and outreach programs in collaboration with BoI across Nigeria’s 36 states.”
He further encouraged all eligible MSMEs to seize this opportunity and apply for the fund, describing it as a golden chance to unlock their full business potential and contribute to the country’s economic growth. “This fund is a game-changer for Nigerian MSMEs,” Dr. Vongfa added.
“By working alongside the government and financial institutions, we can foster a vibrant entrepreneurial ecosystem that will drive sustainable economic development.”
Dr. Vongfa closed by extending his gratitude to the Federal Government and BoI for their dedicated efforts in bringing this initiative to fruition, recognizing the immense potential this fund holds for strengthening Nigeria’s MSME sector and supporting overall economic resilience.
