By Lucy Ogalue

The Nigerian Association of Small Scale Industrialists (NASSI) has challenged small scale business owners to take advantage of the Federal Government’s N75 billion Micro Small and Medium Enterprises (MSME) intervention funds.

The NASSI President, Dr Solomon Vongfa, said this while briefing the media on the Memorandum of Understanding (MOU )signed with the Bank of Industries (BOI) in Abuja.

Vongfa, while commendeding the Federal Government and the BOI, said that the initiative was a testament to the government’s unwavering commitment to empowering MSMEs across the nation.

“The N75 Billion MSME Intervention Fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.

”This initiative will undoubtedly catalyse economic growth, create jobs, and foster innovation.

“We urge all eligible MSMEs to seize this opportunity and apply for the N75 Billion MSME Intervention Fund.

“This is a golden chance to unlock the full potential of your businesses and contribute to the economic prosperity of our nation,” he said.

The NASSI President said that the organisation was committed to playing a pivotal role in sensitising MSMEs about this groundbreaking initiative.

“We will organise workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partnership with BOI across the 36 states,”he said.

Also speaking, the Director-General of NASSI, Mr Ifeanyi Oputa, said that the MSME space in the country was a space in trouble, thus the importance of the fund.

According to him, NASSI will work in collaboration with the BOI to ensure that the fund is accessed by Nigerians that actually need it for their businesses.

“The programme targets genuine entrepreneurs, not opportunistic businessmen, and NASSI is proud to facilitate real change for vulnerable businesses.

“This partnership of NASSI and BOI hopes to build a thriving entrepreneurial ecosystem that will drive sustainable growth and reduce poverty across Nigeria,” he said.

Meanwhile, the BoI representative, Mrs Amina Habu, reiterated the bank’s commitment to supporting the growth and sustainability of MSMEs.

Habu assured that measures were in place to ensure that only eligible enterprises would access the funds.

”So we expect that this intervention programme will reduce the cost of production, provide a number of jobs for the masses, and improve the GDP growth of the country.

“This is a low-interest loan with interest at nine per cent per annum. Applicants are allowed to apply for loans of up to one million Naira.

“It is a three-year facility with a moratorium period of three months.

“The funds are supposed to be used for the business operations of the applicants, so we do not expect that it should be used for other activities outside the business,” she said.

She said that repayments would also be monthly, and all businesses that have been disbursed to would be given repayment schedules.

According to her, there is no collateral on this facility, except one external guarantor.

The News Agency of Nigeria (NAN) reports that interested applicants are advised to apply for the funds through: “https://fgnboimsmeinterventionloan.boi.ng/” (NAN)

Edited by Kadiri Abdulrahman