Nigerian Government to Disburse N1bn Loan to 1,000 MSMEs in Bauchi

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

During a Tuesday event in Bauchi, BOI Project Officer Kabir Saidu Musa announced that the loan application process is now open. He encouraged entrepreneurs to apply online for funding of up to N1 million through the portal: https://fgnboimsmeintervention.boi.ng

Musa also highlighted that the government had previously issued a N50,000 grant to beneficiaries across Bauchi’s 20 local government areas. He mentioned that eligible SMEs were identified by the bank’s local representative in collaboration with the state government.

“The ongoing FGN Intervention requires online applications. After submission, applicants will be redirected to our office for verification. We may contact, visit the business, and offer recommendations for final approval,” Musa explained.

He detailed that the loan comes with a three-year repayment period, a six-month grace period, and a nine percent interest rate.

Similarly, Abdulrasheed Aliyu, the Bauchi representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stated that the agency is providing business development services and workshops for loan recipients. He emphasized that these training sessions aim to ensure proper use of the funds and to avoid misuse.

Read more