FG obtains 1-billion-dollar loan to support MSMEs

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The Bank of Industry under the supervision of the Ministry of Industry, Trade and Investment, has secured a 1-billion-dollar, equivalent of 411-billion-naira, syndicated loan to support Micro, Small and Medium Enterprises in the country.

The Minister of Industry, Trade and Investment, Adeniyi Adebayo, disclosed this yesterday, at a Survival Fund capacity building programme in Abuja.

Adebayo in a statement by his Special Assistant on Media, Ifedayo Sayo, said the loan would improve the capacity of the bank to effectively support Micro, Small and Medium Enterprises across key sectors of the Nigerian economy.

Adebayo said the loan facility, being implemented in conjunction with international partners, had a long-term tenor, alongside moratorium benefits.

According to him, this is part of federal government’s efforts toward economic recovery and sustainable growth.

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