BoI, Sage Grey Finance Partner To Expand Access To MSME Financing

Sage Grey Finance Limited has partnered with the Bank of Industry (BoI) to provide accessible and affordable financing options to Micro, Small, and Medium Enterprises (MSMEs).

The partnership, announced in Lagos, supports the federal government’s MSMEs Fund and is designed to foster business growth, job creation, and economic development by offering tailored financing solutions to MSMEs across Nigeria.

This landmark collaboration aligns with Sage Grey Finance’s mission to close the financing gap faced by small businesses and promote inclusive economic development across Nigeria as the partnership also highlights the organisation’s dedication to identifying strategic partners and leveraging shared expertise to offer tailored financial solutions that foster sustainable business growth.

Speaking on the significance of the partnership, executive director for Sage Grey Finance, Mr. Jumo Atiba emphasised the company’s continued focus on empowering Micro, Small and Medium Enterprises(MSMEs) with the tools they need to succeed.

He said, “we are proud to partner with the Bank of Industry in this significant initiative to support the MSME sector. At Sage Grey Finance, we recognise the critical role MSMEs play in national economic development, and we are committed to providing financing solutions that help businesses scale sustainably. This partnership reflects our shared vision to stimulate job creation, foster entrepreneurship, and unlock economic potential at the grassroots level.”

According to a recent report by Stears, Nigeria’s MSMEs face a staggering $236 billion funding gap and remain largely excluded from formal financial support despite their contribution to the economy. Only a small fraction of Nigeria’s 40 million MSMEs have access to bank loans, leaving the vast majority to rely on informal, high-interest credit sources.

Similarly, a 2024 report by PwC MSME Survey reveals that Nigerian MSMEs require an estimated $32.2 billion (N13 trillion) in financing. This substantial funding gap has hindered the growth and sustainability of small businesses, which are crucial to the nation’s economy.

Sage Grey said, through this initiative, eligible MSMEs will be able to access loans of up to N5 million, at a competitive interest rate of nine per cent per annum.

Since its inception, Sage Grey Finance Limited has remained committed to fostering financial inclusion and sustainable development through strategic partnerships. In 2022, the company partnered with SPL Utorogu Limited to develop a $200 million gas processing plant, contributing to Nigeria’s energy security and economic growth.