The Bank of Industry (BoI) and the Nigerian Association of Small-Scale Industrialists (NASSI) have signed a Memorandum of Understanding (MoU) to facilitate the disbursement of a N75 billion intervention fund aimed at supporting micro, small, and medium enterprises (MSMEs) across Nigeria.
The signing ceremony took place yesterday at the NASSI’s headquarters in Abuja. Speaking at the event, BoI representative, Amina Habu, stressed 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. She said BoI is committed to working closely with NASSI to meet the bank’s objectives, and will ensure that no ghost businesses assess the loan package.
The N75 billion fund, designed to address the challenges MSMEs face in accessing affordable credit, offers loans of up to N1 million to qualified businesses. In addition to financial support, the programme will provide technical assistance and capacity-building initiatives, helping businesses adopt best practices to improve their competitiveness.
National president of NASSI, Dr. Solomon Daniel Vongfa, described the intervention fund as a “crucial lifeline” for small-scale businesses, especially in light of recent economic challenges. He commended the federal government and BoI for their efforts, emphasising that small businesses are essential to driving job creation and economic growth. “This initiative will unlock the potential of many MSMEs and stimulate economic prosperity,” Vongfa said.
Vongfa also outlined NASSI’s role in promoting the fund, revealing plans to conduct workshops, seminars, and outreach programs across Nigeria’s 36 states. The goal, he said, is to ensure that entrepreneurs fully understand the eligibility criteria and application process.
“We will make this project a success,” Vongfa pledged. “Though the N75 billion may not cover all our members, it is a good start. This intervention will create jobs, reduce poverty, and strengthen the economy.”
He urged MSMEs to visit NASSI’s portal for the loan application.
NASSI’s director-general, Chris Oputa, expressed optimism about the fund’s long-term impact, noting that the association’s persistent advocacy for MSME support had finally yielded positive results. Oputa emphasised that the programme prioritises genuine entrepreneurs, not opportunistic businessmen.
“We are proud to bring real, vulnerable entrepreneurs into this scheme,” Oputa remarked.
He added that the collaboration between BoI and NASSI aims to build a thriving entrepreneurial ecosystem that will stimulate sustainable development and alleviate poverty across Nigeria.
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