The Bank of Industry (BoI) has revealed that incomplete documentation and other compliance gaps are the main reasons why some Micro, Small and Medium Enterprises (MSMEs) shortlisted for the Federal Government’s N75 billion intervention fund have not yet received their disbursements.
Speaking during the Presidential Loan Clinic for MSMEs held in Abuja over the weekend, the BoI Managing Director, Dr. Olusupo Olusi, assured stakeholders that his management team is fully committed to resolving the challenges delaying the fund disbursement. Represented by the Divisional Head of the Multilaterals Division, Yinka Adegboye, Olusi emphasized that while a significant number of applicants have been approved, delays in funding are largely due to avoidable errors in documentation and compliance, which he noted can be quickly rectified.
According to data shared at the clinic, 262 MSMEs have so far received N900 million out of the N2.9 billion already approved for 662 small businesses under the intervention scheme. The N75 billion initiative is designed to stimulate growth in the MSME sector, with a target of generating over 75,000 direct jobs and more than 150,000 indirect jobs across the country.
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Olusi said the initiative is aligned with President Bola Tinubu’s directive to make credit more accessible to small businesses and improve the nation’s economic output. “The programme is not just about funding. It is about supporting sustainability, promoting families, and contributing meaningfully to Nigeria’s Gross Domestic Product,” he stated. He further noted that BoI is taking a holistic approach by not only providing loans but also building capacity, tracking impact, and ensuring that the loans lead to real job creation and economic development.
BoI’s Regional Manager for North Central, Nasiru Ozovehe, encouraged more entrepreneurs to take advantage of the funding opportunity, noting that each qualified business can access up to N5 million, provided they meet the registration and documentation requirements.
Temitola Adekunle-Johnson, the Special Adviser to the President on MSMEs and Job Creation, added that the intervention is structured to offer more than just financial assistance. “This initiative is also about providing the necessary support systems for entrepreneurs to scale up production and succeed. The BoI is working hand-in-hand with applicants to ensure proper documentation and optimal utilization of the funds,” he said.
