Bank of Industry Processing $1bn Loan to Boost MSMEs
Mr. Niyi Adebayo
The federal government has concluded plans to support the Micro Small and Medium Scale Enterprises (MSMEs) with the sum of $1billion syndicated-term loan.
This was disclosed by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, who said the Bank of Industry (BoI) is already working on the loan.
Adebayo said the efforts was to ensure economic recovery and sustained growth.
The federal government, he said, was working with international partners to boost the sector, adding that there are ongoing discussions with Dunn & Bradstreet to establish an SME risk rating institution to provide empirical basis for SMEs who will qualify to access the credit.
The Minister who spoke on the occasion of the Quantum Mechanics Limited MSME survival fund capacity building programme in Abuja said the initiative will help the banks to support small businesses in the country.
He added that the survival fund was capable of saving at least 1.3 million jobs and strengthen the growth potential of beneficiary businesses.
This was disclosed by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, who said the Bank of Industry (BoI) is already working on the loan.
Adebayo said the efforts was to ensure economic recovery and sustained growth.
The federal government, he said, was working with international partners to boost the sector, adding that there are ongoing discussions with Dunn & Bradstreet to establish an SME risk rating institution to provide empirical basis for SMEs who will qualify to access the credit.
The Minister who spoke on the occasion of the Quantum Mechanics Limited MSME survival fund capacity building programme in Abuja said the initiative will help the banks to support small businesses in the country.
He added that the survival fund was capable of saving at least 1.3 million jobs and strengthen the growth potential of beneficiary businesses.
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