FG Announces ₦75 Billion Loan Scheme for Small Businesses – With Single-Digit Interest Rates.

Exciting news for Nigerian entrepreneurs! The government, in collaboration with the Bank of Industry (BOI) and state governments, is launching a ₦75 billion loan program to support Micro, Small, and Medium Enterprises (MSMEs) starting in 2025. This initiative focuses on women- and youth-owned businesses, offering loans of up to ₦1 million at low, single-digit interest rates.
The goal is to drive job creation, boost exports, and strengthen local economies, all while supporting businesses facing high production costs—especially after the fuel subsidy removal. This loan program is part of President Bola Tinubu’s Renewed Hope Agenda and is set to empower MSMEs, which are key to Nigeria’s economy.
Government agencies, including the Corporate Affairs Commission and Federal Inland Revenue Service, are touring the country to help business owners apply for this funding. This is a major opportunity for small businesses to grow, reduce costs, and thrive. Don’t miss out!