Nigerian Govt to disburse N1bn loan to 1,000 MSMEs in Bauchi

The Federal Government, through the Bank of Industry, BOI, is set to inject N1 billion in loans to support 1,000 Micro, Small, and Medium Enterprises (MSMEs) across Bauchi State.

Speaking in Bauchi on Tuesday, BOI Project Officer Kabir Saidu Musa explained that the application process is open, urging entrepreneurs to apply online for up to N1 million in funding at https://fgnboimsmeintervention.boi.ng.

Musa noted that, in addition to the loan, the government previously provided a N50,000 grant to beneficiaries across Bauchi’s 20 local councils.

He further explained that qualifying SMEs were selected by the bank’s local representative working with the state government.

“For the FGN Intervention that is currently ongoing, applications are entirely online. Once successfully submitted, applicants will be redirected to our office for verification. We may reach out, visit the business, and make recommendations for final approval,” Musa said.

He outlined that the loan terms include a three-year repayment period with a six-month grace period and a nine percent interest rate.

In a similar vein, the Bauchi representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Abdulrasheed Aliyu, noted that the agency is offering business development services and workshops to loan recipients.

He added that training is intended to help beneficiaries use the funds as intended and prevent misuse.