Ibadan: No fewer than 20,000 Oyo State residents have benefited from the Federal Government’s interventions to Micro, Small, and Medium Scale Enterprises (MSMEs) in the state. Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of Bank of Industry (BOI), made this announcement in Ibadan during the Town Hall meeting on the ‘FG N75 billion Scheme for MSMEs and Manufacturing Sector.’
According to News Agency of Nigeria, the event was organized by the Federal Government Grants and Loans Programme and the Bank of Industry. Olusi, represented by Mr. Mike Oye, the Southwest Regional Manager of BOI, emphasized the critical role of MSMEs as the engine of Nigeria’s economy, highlighting their contributions in creating jobs, providing livelihoods, and driving innovation. He noted that MSMEs account for 96 percent of all businesses, 84 percent of employment, and nearly half of Nigeria’s GDP. However, he acknowledged the challenges they face, such as access to finance and the cost of doing business, which the ?200 billion intervention aims to address.
Olusi reported that over ?107 billion has been disbursed to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones. Of these, over 20,000 beneficiaries are from Oyo State, with more than ?2 billion spent. The funds are structured around three streams: the ?50 billion Presidential Conditional Grant Scheme, the ?75 billion MSME Loan Scheme, and the ?75 billion Manufacturing Sector Fund. The first stream supports one million nano businesses, while the MSME Loan Scheme offers loans to small businesses ready to scale. The Manufacturing Sector Fund targets manufacturers facing significant challenges.
Olusi explained that the disbursement process involved partnerships with trade associations and emphasized the Bank of Industry’s role in verifying applicants’ data and facilitating disbursements. He described the program as a catalyst for jobs, innovation, and shared prosperity, rather than merely a grant or a loan.
Beneficiaries such as Mrs. Mojoyinola Ogundare, a trader, and Mr. Olawale Sounding, a food processor, expressed their gratitude to the Federal Government, acknowledging the positive impact the grant has had on their businesses.