FGN Launches Single-Digit Loan Scheme to Empower MSMEs
The Federal Government has unveiled a landmark financing programme aimed at transforming Nigeria’s entrepreneurial landscape by providing 6,122 Micro, Small, and Medium Enterprises (MSMEs) with access to single-digit interest loans under the SMEDAN Inspire–Create–Start–Scale (ICSS) programme.
The initiative, recently launched in Abuja, is a strategic partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Kaduna Business School, with implementation support provided by GOPA Worldwide Consultants. GIZ is a German government enterprise that supports sustainable development in globally.
The loan facility will be managed by Jaiz Bank, offering START loans ranging from 250,000 to 2 million, and SCALE loans between 1 million and 5 million.
The initiative is a deliberate investment in productivity and sustainable economic growth, designed to empower Micro, Small and Medium Enterprises (MSMEs) through access to single-digit interest loans that enable businesses to expand, create jobs, and contribute meaningfully to national development.
Interested applicants can apply for the loan under the Nigerian Youth Academy (NiYA) initiative which is accessible on the official website of the Federal Ministry of Youth Development at www.fmyd.gov.ng
