The Federal Government has announced specific requirements for prospective beneficiaries of its Presidential Grants and Loan Scheme, aimed at boosting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
At the scheme’s formal launch in Uyo, Akwa Ibom State, Tolulope Toluwase, the Akwa Ibom Manager of the Bank of Industry (BOI), outlined the application criteria and potential impact of the program. The scheme targets the support of 75,000 MSMEs, generating an estimated 75,000 direct jobs and 150,000 indirect jobs nationwide.
Toluwase explained that each approved applicant would receive a loan of N1 million to expand their business operations. The loan will carry a single-digit interest rate and is structured with a three-year repayment plan on a monthly basis.
Emphasizing the importance of documentation, Toluwase stated that applicants must provide a guarantor of at least grade level 10 in the federal civil service, along with their BVN/NIN, four passport photos, and valid identification for both themselves and their guarantor.
“An injection of N1 million per beneficiary into a small or medium-scale operation can significantly impact our economy,” Toluwase said, stressing that eligible businesses must be registered with the Corporate Affairs Commission (CAC) and structured as sole proprietorships.
“Apply quickly, as funds are disbursed on a first-come, first-served basis, with the system monitoring applications by state to ensure equal access across regions,” he added.
Akwa Ibom’s Commissioner for Trade and Investment, John James, praised the scheme, underscoring the vital role of MSMEs as the backbone of Nigeria’s economy and the largest source of employment. He urged beneficiaries to invest the loan into their businesses and avoid diverting funds to unrelated expenses.
With strict criteria and oversight, the scheme is expected to empower Nigeria’s MSMEs, offering the financial support and structure they need to grow and create new jobs across the country.