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This was disclosed by the Minister of Industry, Trade and Investment, Adebayo Niyi, at an MSME Survival Fund capacity building program held in Abuja. A statement provided by Ifedayo Sayo, his special assistant on media, quoted Mr Adebayo as saying that the loan would strengthen the BOI’s capacity to support small businesses operating in various sectors of the Nigerian economy. The minister explained that the Nigerian government was collaborating with international partners to ensure the success of the loan program. According to him, loan recipients will enjoy moratorium benefits, long-term tenor, and affordable rates, among other incentives. He also said that the Federal Government was working with Dunn and Bradstreet, a commercial credit analytics company, to set up an SME risk rating agency. The institution—the SME Rating Agency of Nigeria, or SMERAN –will help screen businesses to determine their eligibility for the loan.
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The new loan is the latest in a series of programs devised by the Federal Government to enable business growth in the country. It has also introduced the MSME Survival Fund, part of the₦2.3 trillion Nigerian Economic Sustainability Plan (NESP), designed to quicken Nigeria’s economic recovery in the wake of the COVID-19 pandemic. The MSME Survival Fund comprises the Payroll Support Scheme, which helps small businesses meet their payroll obligations; the General MSMEs Grant, which gives 100,000 MSMEs grants of ₦50,000 each; and the Guaranteed Offtake Scheme, which should support 100,000 businesses to make products typically manufactured in their localities. The Nigerian Economic Sustainability Plan was approved by the Federal Executive Council in June 2020. Featured Image Source: Newsrand
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