Home > Mechanical > FG Establishes $1bn Syndicated Loan For MSMEs

FG Establishes $1bn Syndicated Loan For MSMEs

The federal government has concluded a $1 billion syndicated term loan for Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BOI).

Speaking at the launch of a digital agribusiness hub, I-Produce, in Abuja, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the syndicated term loan would provide affordable loans alongside moratorium benefit to MSMEs.

“A great deal of agri-businesses are eligible for this scheme. These schemes are in addition to the MSME Survival Fund Initiative, a component of the Nigerian Economic Sustainability Plan (NESP) to help MSMEs respond to the shock caused by the COVID-19 pandemic.”

The digital hub was created by Inara Foundation and funded by the Islamic Development Bank (IDB). Its founder and CEO, Mrs Aisha Waziri Umar, said iProduce would guide young Nigerians on how to create globally acclaimed companies as it focuses on livestock, fruits and vegetables, cotton and garment, as well as essential oils.

She said the advent of the African Continental Free Trade Area (AfCFTA) posed a huge challenge, which the digital hub would help young agri-entrepreneurs to navigate through technical assistance.

Source: dailytrust

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