Kano: The Federal Government has disbursed over N107 billion to no fewer than 900,000 beneficiaries across Nigeria's six geo-political zones. The disbursement is part of the Presidential Grant and Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs).
According to News Agency of Nigeria, the Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, shared this information during a sensitisation event for the programme in Kano State. Represented by Aminu Yusuf, BOI's Regional Manager in Kano, Olusi revealed that Kano State accounted for 51,033 beneficiaries, with disbursements totaling over N12.54 billion.
Olusi stated that N50 billion from the intervention fund is being allocated to support one million nano businesses, including market women, vulcanisers, food vendors, and tailors, with N50,000 grants across all 774 local government areas in Nigeria. He assured that more loans would be made available to MSMEs to help grow their businesses and stabilise the economy.
Olusi explained that the disbursements are part of the N200 billion Presidential Intervention Fund, a flagship initiative of President Bola Tinubu's administration aimed at empowering MSMEs and revitalising Nigeria's manufacturing sector. The programme offers loans of up to N5 million at a 9 per cent single-digit interest rate per annum, with a three-year tenure and no collateral required.
Olusi also noted that MSMEs account for 96 per cent of all businesses in Nigeria, provide 84 per cent of employment, and contribute nearly 50 per cent to the nation's GDP. He highlighted the crucial role MSMEs play in local economies, particularly in Kano, where they create jobs, provide livelihoods, and drive innovation.
Despite the positive impact, Olusi acknowledged ongoing challenges faced by MSMEs, such as limited access to finance and high operational costs. The intervention fund is designed to address these hurdles. He also mentioned the remaining N75 billion under the Manufacturing Sector Fund, aimed at tackling challenges such as rising input costs, infrastructure gaps, and supply chain disruptions in the manufacturing sector.
In addition, Bashir Jafa, State Manager of the Kano office of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stated that the agency is actively sensitising business owners on how to access the grants and loans. One of the beneficiaries, Hauwa Ali, a fashion designer, praised the initiative and encouraged other small business owners to seize the opportunity to grow their enterprises.