In a strategic effort to boost small business growth and local economic development, the Federal Government has disbursed ₦1.48 billion in loans to 29,000 Micro, Small, and Medium Enterprises (MSMEs) in Imo State.

The initiative was announced at a town hall meeting in Owerri, where the Managing Director of the Bank of Industry (BOI), Mr. Olasupo Olusi—represented by the bank’s Divisional Head for MSMEs in the South—emphasized that the scheme aims to improve access to finance and ease the cost of doing business in the state.

The funding is part of the ₦200 billion Special Intervention Fund introduced under President Bola Ahmed Tinubu’s prosperity agenda, designed to support entrepreneurs, create jobs, and stimulate inclusive economic growth nationwide.

Under the scheme, eligible business owners can access loans of up to ₦5 million at a competitive interest rate of 9% per annum. The loan offers a three-month moratorium and a flexible repayment plan of up to three years, making it suitable for both start-ups and growing enterprises.

“This initiative is more than financial support—it’s a platform for small businesses to thrive and contribute meaningfully to Nigeria’s economic transformation,” Olusi said.

He encouraged business owners in Imo and beyond to take advantage of the opportunity, noting that applications remain open to the public. The Bank of Industry is overseeing the verification and disbursement process to ensure transparency and smooth access.

Mr. Olusi also appealed to key stakeholders—such as the National Association of Small and Medium Enterprises (NASME), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), local government authorities, women’s groups, youth organizations, and community leaders—to raise awareness and mobilize eligible entrepreneurs to apply.

“We all have a role to play in building a prosperous future. Let’s empower our young people and business owners to become drivers of economic change,” he added.

The government anticipates that the loan disbursement will drive increased productivity, employment, and long-term growth in Imo State and beyond.