SMEs Nigeria infomediaNG

100,000 MSMEs To Receive N50K Loan, 300,000 Artisans To Get N30K

Last updated on August 6th, 2023 at 06:35 am


The Bank of Industry (BOI) will soon open an application for the disbursement of N50,000 credit facility to 100,000  Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Self-employed artisans are will not be left out as 300,000 of them will also get N30,000 loan which is under the supervision of the Ministry of Industry, Trade and Investment.

The ministry which supervises the Bank of Industry announced that the disbursement of the loan to 400,000 business owners followed a $1 billion syndicated loan it secured to support MSMEs


Minister of Industry, Trade and Investment Adeniyi Adebayo stated on Monday at the Quantum Mechanics Limited MSMEs Survival Fund capacity building programme in Abuja that loan would improve the bank’s capacity to support MSMEs across key sectors of the Nigerian economy.

Benefits of the loan

  • It has the loan has a long-term tenor
  • It has moratorium benefits
  • It is secured in partnership with international partners

The minister’s media aide Mr Adebayo, quoted his boss as saying:

“There is an ongoing discussion with Dunn and Bradstreet to establish an SMEs Ratings Agency of Nigeria (SMERAN) to provide an empirical basis toward analysing the eligibility of SMEs to access credit.

He stated further the General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each, and the Guaranteed Offtake Scheme aims at engaging approximately 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.

Also Read:  4 Key Requirements To Upgrade Your Bank Account To Remove Credit Limitation

We’ll keep you updated when the application begins.

Did you miss any of our latest loan updates? Don’t you worry, you can catch up with everything HERE and boost your business with a credit facility.


  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top