By Egufe Yafuborghi & Chioma Onuegbu

The Bank of Industry (BoI) has urged operators of Micro, Small, and Medium Enterprises (MSMEs) in Akwa Ibom State to apply for the N75 billion Presidential Loan Scheme promptly, as applications will be processed on a first-come, first-served basis.

Mr. Tolulope Toluwase, the Bank’s Manager in the State, provided this guidance on Tuesday during the formal launch of a nationwide town hall and sensitization program on the Presidential Grant & Loan Scheme for MSMEs in Uyo, the state capital.

Toluwase emphasized the critical role of MSMEs in stimulating and growing the economy, which is why President Bola Tinubu has made grants and loans available to this sector.

He highlighted key requirements for accessing the loan facility, including registration with the Corporate Affairs Commission (CAC), a Bank Verification Number (BVN), and a National Identification Number (NIN). He stressed that only businesses can qualify for the loan.

“Injecting one million Naira per beneficiary into small and medium-scale operations can make a significant impact. Therefore, I encourage you to apply quickly to ensure you are shortlisted. Delaying your application could result in others receiving the funds before you,” he advised.

Toluwase added, “As this is a loan facility, there will be certain documentation requirements, and applicants must be actively engaged in business. You must also be a sole proprietorship and registered with the Corporate Affairs Commission (CAC), which is very important.

“Everyone can agree that for any economy to thrive, MSMEs play a vital role. This is why the President has enabled MSMEs to access funding through this program. Many have already benefited from the grant aspect of the initiative, but we recognize that grants alone may not be sufficient to elevate businesses. That’s why we are now providing loans to help scale up operations.”

He noted that the loan facility offers a single-digit interest rate with no additional administrative fees. Beneficiaries will have up to three years to repay the loan.

Toluwase further explained that applicants must provide sureties to assure the bank that the funds will be repaid. “We will not ask for physical collateral. Instead, you will need to identify one person who can act as a surety on your behalf, and we will be willing to avail the funds to you.”

In his remarks, Mr. John James, the Commissioner for Trade and Investment in Akwa Ibom State, described MSMEs as the backbone of the economy.

“As we know, MSMEs employ about 80 percent of our population and contribute about 40 percent to Nigeria’s Gross Domestic Product (GDP). We thank the federal government, led by President Bola Tinubu, for these interventions, and our compassionate Governor, Umo Eno, for his support of MSMEs in Akwa Ibom through my ministry and the Ibom LED to assist the people.”

He added, “When you receive the funds, please use them for their intended purpose and avoid diverting them to other needs. Misusing the funds could lead to the downfall of your original business purpose. I also extend my gratitude to the Bank of Industry for facilitating the disbursement of this money.”