The Federal Government has disbursed a total of N1.48 billion in loans to more than 29,000 micro and small-scale business owners across Imo State.
The announcement was made on Friday during a town hall meeting on the Federal Government’s loan scheme for Micro, Small, and Medium Enterprises (MSMEs) held in Owerri.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), disclosed the figure, stating that the loans form part of the N200 billion Special Intervention Fund initiated by the Federal Government under President Bola Tinubu’s prosperity agenda.
Represented by the Divisional Head of MSME South at BOI, Olusi emphasized the scheme’s objective: to tackle the persistent challenges plaguing MSMEs in Nigeria, particularly the lack of access to affordable finance and the high cost of operations.
According to Olusi, business owners can apply for loans of up to N5 million each at an annual interest rate of 9 per cent.
The loan package includes a moratorium of three months and a maximum repayment period of three years, conditions that are expected to ease the burden on entrepreneurs trying to scale 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,” he said. “We call on all stakeholders, community leaders, youth groups, women’s associations, and local governments to act as active advocates of the scheme.”
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The bank is also engaging professional associations such as the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to mobilize their members and improve access to the loan program.
The initiative was met with optimism by local business leaders. Mr. Ugochukwu Ohaegbu, Secretary of NASME in Imo, encouraged owners of registered businesses to align with the association to benefit from the program fully.
“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 is already yielding results. Chief Nduka Norbert, a local pig farmer and one of the scheme’s early beneficiaries, shared how a N50,000 grant he received previously provided critical support during a time when his livestock business was threatened by disease and loss.
Friday’s town hall meeting also featured a short documentary showcasing stories of beneficiaries whose businesses have grown through government-backed grants and loans. The screening served as a reminder of the transformative potential such interventions can have on grassroots enterprises.
With the disbursement of N1.48 billion in Imo, the Federal Government is signaling its commitment to empowering MSMEs as engines of economic recovery and job creation.
