BoI Rolls Out Application Portal For Federal Government’s N75bn MSMEs Intervention Fund

The Bank of Industry (BoI) has opened the application portal for the federal government’s N75 billion micro, small, and medium enterprises (MSMEs) Intervention Fund.

The fund, aimed at empowering MSMEs across the country, offers a unique lifeline with affordable, collateral-free loans to boost small businesses and enhance economic resilience.

The announcement was made during a recent press conference in Abuja, where Amina Habu Mohammed, a BoI representative, emphasised the fund’s potential to strengthen the nation’s MSMEs landscape.

Mohammed explained that the fund will provide N1 million loans to each eligible MSME at a favourable interest rate of nine percent for a three-year period, with applications now accessible through the BoI’s portal: https://fgnboimsmeinterventionloan.boi.ng/.

Aimed at targeting 75 million MSMEs, the N75 billion fund promises accessible financing without the typical barrier of collateral, enabling small businesses to expand their operations and contribute to local economies.

“This initiative is more than a financial injection,” commented Dr. Solomon Vongfa, National President of the Nigerian Association of Small-Scale Industrialists (NASSI). “It is a beacon of hope for countless MSMEs that have struggled to access affordable credit.”

Dr. Vongfa commended the federal government for its initiative, calling it a testament to the administration’s dedication to empowering MSMEs nationwide. He stressed that the fund’s loans, which come with competitive interest rates, will ease credit access for MSMEs, create jobs, and spur innovation. The application process, he noted, has been designed to minimise bureaucratic hurdles, ensuring timely fund disbursement for maximum impact.

Beyond financial support, the fund will also facilitate technical assistance and capacity-building programs to help MSMEs adopt best practices and improve competitiveness. Dr. Vongfa assured that NASSI will play an active role in promoting this initiative, committing to educate and support MSMEs across Nigeria through workshops, seminars, and outreach programs to inform entrepreneurs about the application process, eligibility, and benefits.

“This is a golden opportunity for Nigerian MSMEs,” Vongfa remarked, urging eligible businesses to apply for the fund to unlock their potential and contribute to the nation’s economic prosperity. He described the N75 billion fund as a “game-changer,” noting that collaborative efforts with the government and financial institutions will create a thriving entrepreneurial ecosystem and drive sustainable growth.

The launch of this fund marks a substantial stride towards empowering MSMEs, aligning with the government’s broader goals of fostering economic inclusion and resilience. Through the N75 billion MSMEs Intervention Fund, the federal government and BoI are setting the stage for a more robust, dynamic, and competitive small business environment across Nigeria.