How Tinubu’s Administration Will Ensure Quick Access to Loans for Small Businesses

President Bola Ahmed Tinubu had during his presidential campaign promised to provide loans for students and small businesses. In fulfilment of that promise, his administration recently disclosed plans to fast-track access to single-digit loans for Micro, Small, and Medium Enterprises, (MSMEs) in Nigeria.

In a statement, The Vice President of the federation, Sen. Kashim Shettima said, “On this World MSME Day, the government of President Tinubu recognizes the vital role that Micro, Small, and Medium Enterprises (MSMEs) play in driving economic growth, creating jobs, and promoting innovation.”

The statement was issued in commemoration of the 2023 World Micro Small and Medium Enterprises (MSME) Day. 

Shettima further noted that the administration “remains committed to providing support, fostering an enabling environment, and improving access to finance for MSMEs, especially in these unprecedented times.”

Tinubu’s administration calls for support

Also, the Vice President further urged all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all.

He also noted that the government is working urgently to ensure quick access to single-digit loans for Nigerian small businesses within the shortest time possible.

Shetima also reassured Nigerian small business owners that President Bola Tinubu is their “partner” and is here to make life easier for them.

Benefits of single-digit loans for business owners

Single-digit loans foster economic growth and stimulate entrepreneurship. It also lowers interest costs which translates into reduced borrowing expenses, making loans more affordable and accessible for small businesses.

Recall that Tinubu told the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the summit for New Global Financing Pact that Nigeria was “ready for business, prepared to welcome investments.’’