NASSI Pledges Judicious Disbursement of FG’s N75bn MSMEs Intervention Fund

Sunday Aborisade in Abuja

The Nigerian Association of Small Scale Industrialists (NASSI), yesterday in Abuja, pledged to ensure judicious disbursement of the N75bn lifeline intervention fund released by the federal government to 75,000 Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

The Memorandum of Understanding (MoU) for the disbursement of the funds was signed by the Bank of Industry (BoI) and NASSI last week Wednesday in Abuja.

The National President of NASSI, Dr. Solomon Daniel Vonfga, made the pledge while addressing a press conference in Abuja.

This is just as the Bank of Industry (BoI) represented on the occasion by Ms. Amina Habu Mohammed disclosed that the fund would give affordable loans to 75, 000 MSMEs at N1million each, at nine per cent interest rate for a period of three years without collateral.
Vonfga, who commended President Bola Tinubu for the visionary initiative, said necessary proactive measures had been put in place to ensure a seamless disbursement to the target beneficiaries.

He said: “This landmark programme, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.

“The N75 billion MSME Intervention Fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.

“This initiative will undoubtedly catalyze economic growth, create jobs, and foster innovation.”

He said the fund offers loans at competitive interest rates, making it easier for MSMEs to secure the capital they need to expand their operations.

The NASSI President added that the application process has been streamlined to minimise bureaucratic hurdles and ensure timely disbursement of funds.

He also said the fund would provide technical assistance and capacity-building programmes to help MSMEs improve their business practices and enhance their competitiveness.
He said: “As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitising MSMEs about this groundbreaking initiative.

“We will organise workshops, seminars, and outreach programs to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partnership with BoI across the 36 states.

“We urge all eligible MSMEs to seize this opportunity and apply for the N75 billion MSME Intervention Fund.

“This is a golden chance to unlock your business’s full potential and contribute to the economic prosperity of our nation.”

He said the flexible loan aims to boost SMSEs in the country and improve the conditions of living of the people.