FG’s N1.35bn intervention fund benefits 27,000 MSMEs in Benue

The Managing Director and Chief Executive Officer (MD/CEO) of the Bank of Industry (BoI), Dr. Olasupo Olusi, has disclosed that over 27,010 individuals from Benue State have so far benefited from the federal government’s N200 Billion Presidential Intervention Fund, receiving a combined total of N1.35 billion to support their Micro, Small, and Medium Enterprises (MSMEs). […]

The Managing Director and Chief Executive Officer (MD/CEO) of the Bank of Industry (BoI), Dr. Olasupo Olusi, has disclosed that over 27,010 individuals from Benue State have so far benefited from the federal government’s N200 Billion Presidential Intervention Fund, receiving a combined total of N1.35 billion to support their Micro, Small, and Medium Enterprises (MSMEs).

Olusi made this known during a media activation and town hall meeting on the FG’s MSME and manufacturing loan scheme, held in Makurdi.

Represented by the BoI North Central Regional Manager, Ozovehe Nasiru Ismaila, Olusi revealed that a total of N107 billion has been disbursed nationwide to nearly 900,000 beneficiaries.

He emphasised the vital role MSMEs play in Nigeria’s economy, contributing 96 percent of all businesses, 84 percent of employment, and nearly 50 per cent of the GDP.

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“This initiative is not just a policy; it’s an investment in the future of Nigeria. The intervention fund is targeted at addressing key challenges such as access to finance and the high cost of doing business,” he said.

Olusi explained that the fund is structured into three components of N50 billion Presidential Conditional Grant Scheme (PCGS): Targeted at one million nano businesses including market women, food vendors, artisans, and mobile tailors, each of whom will receive a N50,000 grant.

He added that the scheme emphasises inclusivity – 70 per cent of beneficiaries are women and youth, 10 per cent are persons with disabilities, 5 per cent are elderly citizens, and the remaining 15 per cent covers other groups while the second aspect of N75 billion MSME Loan Scheme is designed for small businesses ready to scale and beneficiaries can access loans of up to N5 million at 9 per cent annual interest, with a three-month moratorium and up to three-year repayment period.

While the third part constitutes the N75 billion Manufacturing Sector Fund (MSF) aimed at larger manufacturers facing challenges such as infrastructure deficits and high operational costs, eligible applicants can receive up to N1 billion in loans.

Olusi assured that despite challenges, the BoI remains committed to completing disbursements by the end of 2025, in collaboration with national associations and financial institutions.

Meanwhile, the Director General of the Bureau for Entrepreneurship and Wealth Creation, Benita Shuluwa, stated that the Benue State government had trained over 75,000 people across the 23 local government areas in business skills, IT, and computer literacy.

Also, the state Commissioner for Trade and Investment, Manasseh Orpin reiterated the state’s government commitment to revitalising the MSME sector.