The government of Nigeria has created a $1 billion syndicated term loan for Micro, Small and Medium Enterprises (MSMEs) in Nigeria, through the Bank of Industry (BOI).
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, explained that the syndicated term loan would provide affordable loans alongside moratorium benefit to MSMEs in Nigeria. He said this while speaking at the launch of a digital agribusiness hub, I-Produce, in Abuja Nigeria.
“A great deal of agri-businesses are eligible for this scheme. These schemes are in addition to the MSME Survival Fund Initiative, a component of the Nigerian Economic Sustainability Plan (NESP) to help MSMEs respond to the shock caused by the COVID-19 pandemic.”
The digital hub was created by Inara Foundation and sponsored by the Islamic Development Bank (IDB). The CEO, Mrs Aisha Waziri Umar, said iProduce would guide young Nigerians on how to create companies as it focuses on livestock, fruits and vegetables, cotton, garment, and essential oils.
She said the advent of the African Continental Free Trade Area (AfCFTA) posed a huge challenge, which the digital hub would help young agrientrepreneurs to navigate through technical assistance.