Fatshimetrie is launching a job creation and economic growth initiative focusing on women and youth-owned businesses in Nigeria. Set to be launched in 2025, the initiative aims to foster economic growth by targeting women and youth-owned businesses, creating jobs and boosting local economies.
The Minister of Information and National Orientation, Alhaji Mohammed Idris, outlined the objectives of the project at a public meeting in Abuja, highlighting its alignment with President Bola Tinubu’s Agenda for Renewed Hope.
He said: “This initiative is a concrete manifestation of Tinubu’s commitment to economic transformation. With a focus on MSMEs, which are the backbone of our economy, we aim to diversify revenue streams, boost exports and provide valuable employment opportunities.”
The loan, a collaboration between the Federal Government, the Bank of Industry (BOI) and state governments, offers single-digit interest rates with individual loans capped at N1 million.
The initiative is aimed at alleviating some of the challenges faced by MSMEs, including high production costs due to the recent removal of fuel subsidies. The BOI Enugu Branch Manager, Mrs. Anuli Akabogu, highlighted this at a session in Enugu, saying: “Government understands the burdens faced by MSMEs; this fund is meant to alleviate the cost of production.”
Government begins sensitization
At the sensitization event in Akwa Ibom, the Commissioner for Trade and Investment, Mr. John James, urged beneficiaries to responsibly utilize the loan.
“This is an opportunity to grow your businesses responsibly. MSMEs are the engine of global economies, and we want the same for Nigeria,” he said.
To reach out to potential beneficiaries, government agencies like the Corporate Affairs Commission, the Federal Inland Revenue Service and other partners have come together to brief business leaders on the application criteria.
In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Affairs, commended President Tinubu’s commitment to economic empowerment.
He noted, “This initiative proves that Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will not only revitalize the local economy but also strengthen our national strength.”
Application Criteria
BOI officials also stressed the importance of following the correct registration procedures. Tola Adekunle-Johnson, Special Assistant to the President on Job Creation, warned applicants against fraud.
“This loan has a fixed interest rate, with no hidden charges. Go to any BOI branch to apply directly; do not fall victim to middlemen,” he advised.
The scheme requires applicants to submit key documents, including a Federal Civil Service Guarantor, to be eligible.
Mr. Michael Agidani, the Ogun State Director of BOI, shared that the bank has already started disbursing loans, with an initial N1 billion reaching MSMEs in the state.
Fatshimetrie is thus committed to supporting and promoting the development of women and youth-owned small businesses in Nigeria, thereby helping to strengthen the economy and create meaningful employment opportunities for members of these segments of the population.