Fed Govt Mulls 14-Day Turnaround for MSME Loan Disbursement

In a bid to accelerate economic growth, the Federal Government is exploring measures to ensure the swift disbursement of loans to Medium, Small, and Micro Enterprises (MSMEs) within a 14-day timeframe.

This move aims to curtail business closures resulting from prolonged loan approval processes. Temitola Adekunle-Johnson, the Senior Special Assistant to the President, revealed this during the inaugural Job Creation and MSME Quarterly Communications Forum in Abuja.

Adekunle-Johnson emphasized the goal of achieving single-digit loans for MSMEs, making them more accessible and expediting their contribution to the economy.

Furthermore, the government has forged a partnership with Access Bank, earmarking N50bn to support skills acquisition for 5 million Nigerians under the ‘YouThrive’ initiative.

This collaboration seeks to empower MSMEs through capacity building, affordable finance, and various training programs.

Chioma Ogwo, Head of Non-Financial Services at Access Bank, highlighted the initiative’s focus on empowering SMEs, including offering affordable loans at 15% interest, grants, and business exchange programs.

Meanwhile, Charles Odii, Director-General of SMEDAN, underscored the agency’s efforts to mitigate challenges faced by MSMEs and enhance their productivity.

Senator Ibrahim Hadejia emphasized the importance of MSMEs in fostering economic resilience and urged leveraging technology to boost agriculture and GDP growth.

The envisioned partnership with Access Bank signifies a crucial step towards empowering SMEs and harnessing technological advancements for sustainable economic development.