FG doubles MSMEs loan limit to N5m at 9% interest rate.

The Federal Government has increased loan amounts for small and medium-sized enterprises (MSMEs) to N5 million at a 9% interest rate as part of its efforts to promote inclusive economic growth. This move aims to support the development of small businesses across the country.

In a move aimed at promoting inclusive economic growth, the Federal Government has announced an increase in the amount small businesses can access on single-digit loans, from previous levels to a maximum of N5 million. This revised loan limit is part of efforts to support the growth and development of Micro, Small, and Medium Enterprises (MSMEs), which are critical drivers of economic activity in Nigeria. By expanding access to affordable credit, the government hopes to stimulate entrepreneurship and create new opportunities for small businesses across the country. The increased loan limit will be offered at a competitive interest rate of 9%.