BoI Disburses N2.25bn To MSMEs Under FG Loan Scheme

The Bank of Industry (BoI) has disbursed N2.25 billion to 16,696 micro, small, and medium enterprises (MSMEs) in Gombe State, as part of the ongoing implementation of the N200 billion Federal Government Loan Scheme targeting MSMEs and manufacturing businesses across the country.

Dr. Olasupo Olusi, Managing Director\Chief Executive Officer (CEO) of BoI, revealed the figures during a stakeholder meeting with members of the Gombe business community. He said the initiative is a cornerstone of the President Bola Tinubu administration’s broader strategy to boost industrial activity and strengthen grassroots enterprise.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” he said. “This disbursement is a deliberate effort to empower small businesses and unlock economic growth at the state level.”

The BoI chief disclosed that more than 900,000 beneficiaries across Nigeria’s six geopolitical zones have collectively received over N107 billion from the scheme so far. Gombe State’s disbursement alone represents a growing footprint in northern Nigeria, reflecting the government’s commitment to inclusive regional development.

He stated that the loan scheme is designed to stimulate employment, support creativity, and build wealth, particularly among young entrepreneurs. The program prioritises ease of access, scalability, and long-term sustainability for Nigeria’s vast MSME network.

Dr. Olusi emphasised the critical role MSMEs play in Nigeria’s economy—constituting 96 percent of registered businesses, 84 percent of employment, and contributing nearly 50 percent to gross domestic product (GDP). In facilitating access to affordable financing, the federal government aims to enable more businesses to expand operations, formalise structures, and become more competitive in both local and export markets.

The intervention is one of several under the national economic blueprint to foster a resilient, inclusive, and innovation-driven private sector, particularly outside of Nigeria’s major commercial hubs.