In collaboration with all state governments, the federal government has unveiled plans to support micro, small, and medium enterprises (MSMEs) across Nigeria by providing loans totaling about N198 billion or N400,000 per entrepreneur.
The loan scheme is set to commence in the first quarter of 2025 to ease business challenges and foster entrepreneurship across the nation.
This announcement was made on Friday by the Senior Special Assistant on Job Creation and MSMEs, Temitola Adekunle-Johnson, during the ‘2024 End of the Year Economic Review Technical Workshop’ held in Abuja.
It was noted that entrepreneurship has become increasingly prevalent due to the lack of adequate employment opportunities. Therefore, the federal government’s support and encouragement of entrepreneurs are expected to not only reduce the unemployment rate but also transform the MSME sector and drive significant growth in the Nigerian economy.
According to Adekunle-Johnson, the fund will offer single-digit loans with a 9% interest rate, providing Nigerian MSMEs with affordable credit options.
“This fund is designed to ensure that Nigerian MSMEs, from the first quarter of next year, across different states, whether in Kebbi or Plateau, have access to a single-digit loan at 9%,” he stated.
He further revealed that the government has pledged to provide free shops to deserving MSMEs, enabling them to transition from renters to shop owners.
Adekunle-Johnson also disclosed that housing, shops, and vehicles have already been secured for this initiative.
“These MSMEs will return to their states not just as business operators but also as shop and even homeowners. We already have all the houses, shops, and cars signed, sealed, and delivered,” he assured.
In a bid to encourage more entrepreneurs, Adekunle-Johnson added that the government will require beneficiary businesses to train two individuals for a year, with the federal government covering the trainees’ salaries during this period.
“This is one of our biggest strategies for promoting business and entrepreneurship growth in 2025,” Adekunle-Johnson concluded.
