Small business owners across Nigeria can still access funding support through the Bank of Industry's (BOI) SME loan programme, which remains active and highly beneficial in 2025.
As part of its ongoing commitment to support Micro, Small, and Medium Enterprises (MSMEs), the BOI is offering loans of up to ₦5 million at single-digit interest rates, with flexible repayment plans and, in some cases, no collateral required.
The programme is targeted at businesses operating in key sectors such as agriculture, manufacturing, healthcare, technology, and the creative industry. To qualify, businesses must be registered with the Corporate Affairs Commission (CAC) and demonstrate the capacity for responsible fund use and repayment.
In a bid to enhance accessibility, BOI has partnered with over 400 Business Development Service Providers (BDSPs) across the country. These consultants are available to guide applicants through the loan process, including preparing bankable business plans and post-disbursement mentoring.
In addition to the base SME loan programme, BOI has also rolled out various partnership initiatives, such as the Lagos State Access to Finance for SMEs through Co-operatives (LASMECO). This initiative, in collaboration with the Lagos State Government and Sterling Bank, allows SMEs to access up to ₦10 million without collateral, at an interest rate of 9% per annum, with 50% of the loan guaranteed.
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Furthermore, the federal government recently approved a ₦200 billion intervention fund, managed by BOI. This includes:
- ₦75 billion for MSMEs
- ₦75 billion for manufacturers
- ₦50 billion for the Presidential Conditional Grant Scheme
These funds are intended to boost local production, create jobs, and enhance economic resilience in line with Nigeria's national development priorities.
The Managing Director of BOI recently reaffirmed the bank's commitment to empowering entrepreneurs:
"Our SME programmes are designed to help Nigerian entrepreneurs thrive by making funding more accessible and impactful."
Interested entrepreneurs can visit www.boi.ng/smes to apply or learn more. While working with BDSPs is recommended, it is not mandatory.
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