FG to give loans without collateral to Nigerian business owners

Nigeria’s Vice-President Yemi Osinbajo reveals that the Federal Government is working on a loan facility for business owners in Nigeria. According to Daily Postthe Vice-President said that the loans which will range from N2m to N10m will be collateral free.

Also, the Bank of Industry (BOI), Federal Inland Revenue Service (FIRS), Nigerian Export-Import Bank (NEXIM) and the Nigerian Export Promotion Council (NEPC) will partner with the government to carry out this initiative.

“This initiative will provide MSME access to fully equipped cluster style facilities for which they can pay an affordable fee to operate”, NAN quoted him as saying.

“These facilities would have been pre-certified by relevant agencies like NAFDAC, Standards Organisation of Nigeria (SON), Industrial Training Fund (ITF) and NEPC thereby removing the layers of bureaucracy that in the past held back many aspiring entrepreneurs.”

Osinbajo made this known at the maiden edition of the MSMEs Award 2018 held at the State House Banquet Hall in Abuja.

Yemi Osinbajo is currently standing in as the Acting President following President Buhari’s departure to London on Friday, August 3, for a 10-day working holiday.

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