By Victoria Ojeme

The Federal Ministry of Industry Trade and Investment has obtained a $1 billion syndicated term loan for  Micro, Small and Medium Enterprises (MSMEs) in agribusiness through the Bank of Industry (BOI).

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo disclosed this yesterday at the launch of a digital agribusiness hub, I-Produce, in Abuja noting that the syndicated term loan would provide affordable loans alongside moratorium benefit to MSMEs.

He said that a platform like I-Produce goes a long way in ensuring that farmers are able to derive maximum income from their businesses.

“Nigeria’s young entrepreneurs are the future of our country, and the Federal Ministry of Industry, Trade and Investment is committed to supporting them. Young entrepreneurs don’t need to be afraid of starting small.”

Adebayo said “We have concluded a landmark USD 1 billion syndicated term loan through the Bank of Industry (BOI).”

According to him,” this intervention provides affordable loans of medium to long-term tenor, alongside moratorium benefit to MSMEs. A great deal of agri-businesses are eligible for this scheme.” He added that 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.

” We fully understand the importance of digital platforms like I-Produce and this is why we have established the MSME Innovation Portal to ensure that MSMES have access to a wider market and can be matched with customers and clients.”

“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, ” he said.

The digital hub was created by Inara Foundation and funded by the Islamic Development Bank (IDB). Its founder and CEO, Mrs Aisha Waziri Umar, said iProduce would guide young Nigerians on how to create globally acclaimed companies as it focuses on livestock, fruits and vegetables, cotton and garment, as well as 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 agri-entrepreneurs to navigate through technical assistance.