What MSMEs Need to Know as BOI Disburses N900m to 262 Loan Applicants in FCT

The Bank of Industry (BOI) has disbursed N900 million to 262 micro, small, and medium enterprises (MSMEs) in the Federal Capital Territory (FCT), offering a significant boost to local businesses.

BIGPEN NIGERIA (https://bigpenngr.com) reports as the funds are distributed, MSMEs need to understand the application process, eligibility criteria, and how to leverage this funding to expand their operations and create jobs.

This is coming as BoI, in a statement reiterated its commitment to improving access to affordable financing, as it continues to disburse the N75bn intervention fund aimed at empowering MSMEs, creating over 75,000 direct jobs and 150,000 indirect jobs nationwide.

Currently, over 662 businesses in the Federal Capital Territory have received approval totalling N2.9bn, out of which about N900m has already been disbursed to 262 companies.

This was made known during a Presidential Loan Clinic for MSMEs held in Abuja, where top government officials, industry stakeholders, and beneficiaries gathered to deliberate on the progress and challenges surrounding the loan initiative.

The Clinic was organised by the Bank in collaboration with the Office of the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation.

In a statement by the bank on Sunday, the event also provided an opportunity to reaffirm the government’s focus on driving inclusive economic growth through small business development.

Speaking at the event, the Managing Director/Chief Executive Officer of the Bank of Industry, Olasupo Olusi, provided clarity on the implementation status of the fund.

While loans have been approved for many applicants, he said some disbursements are being delayed in some cases due to incomplete documentation and other compliance gaps that could easily be resolved.

He was represented by Mr. Yinka Adegboye, Divisional Head, Multilaterals Division.

Olusi said, “We have approved several loans, and while some have been disbursed, others are pending due to reasons ranging from insufficient documentation to compliance gaps.

“This MSMEs engagement is designed to address these challenges head-on.

“We want every qualified Nigerian entrepreneur to benefit from this fund.”

Olusi emphasised that the programme is in line with the presidential directive to make credit accessible to Nigerian businesses, promote sustainability, support families, and contribute meaningfully to the nation’s Gross Domestic Product.

“We want to support you sustainably. We are not just providing funds; we are building capacity, monitoring impact, and ensuring that these loans translate to job creation and economic value.

“The funds are still available, and we urge more entrepreneurs to take advantage of them,” Olusi said.

The BOI Regional Manager-North Central, Nasiru Ozovehe, gave further insight into the impact of the loan programme so far.

According to him, in the Federal Capital Territory alone, the bank has approved funding for 662 businesses totalling N2.9bn, out of which about N900m has already been disbursed to 262 companies.

He noted that the loan scheme is targeted at MSMEs across all sectors, with a focus on registered businesses that demonstrate potential for growth and job creation.

He urged unregistered businesses to formalise their operations to benefit from the fund.

“The bank has approved funding for 662 businesses totalling N2.9bn, out of which about N900m has already been disbursed to 262 companies. The objective of the programme is to support MSMEs with affordable financing, create at least 100,000 sustainable jobs, and improve the overall welfare of Nigerian households.

“The maximum loan amount is 5m, and it is only accessible to businesses with valid registration and documentation,” Ozovehe stated.

In his remarks, the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation, Temitola Adekunle-Johnson, said the intervention was designed not only to make funding accessible but also to ensure entrepreneurs receive the support needed to put the funds to productive use.

The President’s aide said, “The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed.

“The BOI is working directly with beneficiaries to ensure proper documentation and utilisation.

“This is not just about giving out money; it’s about making sure the money works for your business, creates jobs, and grows the economy.”

Adekunle-Johnson commended BOI for its commitment to helping Nigerian businesses access funding transparently and effectively, adding that the programme is a demonstration of President Bola Tinubu’s Renewed Hope Agenda for job creation, youth empowerment, and economic stability.

A beneficiary and the Managing Director/Chief Executive Officer of The Ladies Empire, Damilola Afolabi, noted that the impact of the loan has been transformational.

Sharing her experience at the event, she described how the facility has helped expand her operations and create employment opportunities.

“This loan has truly helped our business. We were able to buy more equipment, employ more staff, and expand our operations.

“It is a nine per cent interest loan, with a three-year repayment period and a three-month moratorium, which gave us the breathing space to stabilise before repayment.

”We are thankful to the federal government and BOI for this timely intervention,” Afolabi said.

Participants at the programme also received updates on the ongoing disbursement process, loan conditions, and expectations for monitoring and evaluation.

The Bank of Industry reaffirmed that the initiative is structured not just to distribute loans, but to build a thriving ecosystem of MSMEs capable of stimulating national economic growth.

MSMEs play a vital role in national development, with over 39 million MSMEs in Nigeria contributing nearly 50 per cent to the GDP and accounting for over 80 per cent of employment in the country.