The Bank of Industry (BoI) has identified incomplete documentation and other compliance issues as major obstacles delaying the disbursement of the Federal Government’s ₦75 billion intervention fund to shortlisted Micro, Small, and Medium Enterprises (MSMEs).
Speaking at the Presidential Loan Clinic for MSMEs held over the weekend in Abuja, the BoI Managing Director, Dr. Olusupo Olusi, assured that the bank remains committed to resolving the challenges hampering the timely release of funds. Olusi, who was represented by the Divisional Head of the Multilaterals Division, Yinka Adegboye, noted that although many loans have been approved, disbursements to some applicants are still pending due to avoidable compliance issues.
“While loans have been approved for many applicants, some disbursements are being delayed because of incomplete documentation and other compliance gaps that could easily be resolved,” he said.
According to the bank, a total of ₦900 million has so far been disbursed to 262 MSMEs, out of the ₦2.9 billion approved for 662 businesses. The intervention fund is designed to empower small businesses, with the goal of creating over 75,000 direct and 150,000 indirect jobs across the country.
Dr. Olusi emphasized that the programme aligns with President Bola Tinubu’s directive to expand access to credit for Nigerian entrepreneurs while promoting economic sustainability and family welfare.
“We want to support MSMEs in a sustainable manner. We are not just providing funds; we are building capacity, monitoring impact, and ensuring that these loans translate into job creation and economic value,” he added.
Also speaking at the event, BoI’s Regional Manager for North Central, Nasiru Ozovehe, encouraged entrepreneurs to take advantage of the scheme, clarifying that each eligible business can access up to ₦5 million, provided they meet registration and documentation requirements.
The Special Adviser to the President on MSMEs and Job Creation, Temitola Adekunle-Johnson, reiterated that the programme is not only about disbursing funds but also about providing practical support to help businesses thrive.
“The Bank of Industry is working closely with beneficiaries to ensure issues that could hinder loan success are addressed. This initiative is about making sure the money works for businesses, creates jobs, and strengthens the economy,” he said.
