Nigerian govt announces release of N78bn to small businesses

The Nigerian government through the Bank of Industry, BoI, said it disbursed loans amounting to N77.65 billion to businesses especially medium, small and micro-enterprises, MSMEs, in the last nine months of 2024.

The Managing Director of BoI, Olasupo Olusi, disclosed this at an event held on Wednesday in Abuja.

He revealed that the loans were given to MSMEs across the country.

He stressed that MSMEs remained the bedrock of Nigeria’s economy.

According to him: “MSMEs which represent 90 per cent of all businesses, contribute 80 per cent to employment and 50 per cent to Nigeria’s Gross Domestic Product.

“So far this year, the bank has supported MSMEs across the country through the disbursement of loans totaling about N77.65bn. These loans were given to almost 1,000 MSMEs across the country to enable them to boost their operations. Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the north and a local furniture maker in the south, amongst others.”

This comes as the majority of Nigerians grapple with economic hardship occasioned by high inflation which stood at 32.15 per cent in August 2024.