FG Launches Credit Scheme for 6,122 MSMEs in Nigeria

The Federal Government of Nigeria has unveiled a financial scheme designed to empower 6,122 micro, small, and medium enterprises (MSMEs) by providing them access to single-digit interest loans. This initiative was announced in Abuja and is a collaborative effort between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

The program aims to inspire the creation and scaling of MSMEs, which are crucial for economic development. The scheme is part of the broader efforts to enhance the financial capabilities of small businesses in Nigeria, thereby fostering growth and sustainability in the sector.