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Market Digest Nigeria

Business

Nigeria’s Trade Ministry Advises SMEs to Utilise BoI’s Under ₦10m Loan Facility

The Ministry of Industry, Trade and Investment, has urged Small and Medium Enterprises (SMEs) in Nigeria, to take advantage of the Bank of Industry (BoI) single-digital loans to access loans below N10 million.

The Minister of State, Mrs Mariam Katagum made the call at the ongoing 31st Enugu International Trade Fair in Enugu state. Katagum said this had become necessary because the loans were accessed without collateral.

“Our SMEs should take advantage of the soft and single-digit loan being offered by the BoI to grow and expand their businesses since the SMEs is the engine of growth of any successful economy,’’ she said.

The minister pledged to assist the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) to create more awareness and bring more Federal ministries, departments and agencies to exhibit and participate in subsequent fairs. On the development of the fair permanent site, Katagum said the Federal Government would use Public Private Partnership (PPP) model in the development of the complex.

Katagum explained that it was only PPP model that would assure the facilitation as well as future development and maintenance of the complex. The Minister said that the federal government took its cue from the abandoned Lagos Trade Fair Complex which had fallen into disuse.

“Given the Lagos Trade Fair Complex experience, where the complex is unkempt and unwanted shops rising in the complex and the people abandoning it and having trade fairs at the Tafawa Balewa Square (TBS) in Lagos Island. “Again, given government scarce resources and a lot of competing demands on it; the PPP becomes the best option for now.

“The ministry needs to meet and discuss with ECCIMA to see how to use PPP model to push the intended work here. “From the experiences so far, PPP will help to sustain, maintain and see to the functionality of the complex for a very long time,’’ she added.

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