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Osinbajo Declares N10 Million Collateral Free Loans Support For Business Owners In Nigeria

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Vice President, Prof. Yemi Osinbajo, announced that the Federal Government is working towards providing Micro, Small, and Medium Enterprises (MSME), a credit facility of N2 to N10 million without collateral at the maiden edition of the MSMEs Award 2018 held at the State House Banquet Hall, Abuja.

The Vice President further stated that in addition to the one-stop-shop launched in some states to carry the MSME clinics intervention, the Federal Government would soon launch its shared facilities for MSMEs initiative.

He explained that the initiative would be in partnership with the Bank of Industry (BOI), Federal Inland Revenue Service (FIRS), Nigerian Export-Import Bank (NEXIM) and the Nigerian Export Promotion Council (NEPC); this initiative will provide MSME access to fully equipped cluster style facilities for which they can pay an affordable fee to operate”,

NAN quoted him saying, “These facilities should be pre-certified by relevant agencies like NAFDAC, Standards Organization of Nigeria (SON), Industrial Training Fund (ITF) and NEPC thereby removing the layers of bureaucracy that in the past held back many aspiring entrepreneurs.

The Vice President went further to say, “We will also partner with the Central Bank of Nigeria (CBN) and commercial banks to launch a credit facility that will make available to MSMEs, loans from N2m to N10m with a period of five to seven years, “the interest rate will be five percent. All that you need is to provide the committee with is a bankable business proposal and guarantor”.

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