By The Federal Government of Nigeria has launched what it described as a financing programme aimed at expanding access to affordable credit for small businesses, with 6,122 Micro, Small and Medium Enterprises (MSMEs) set to benefit from single-digit interest loans under the Inspire–Create–Start–Scale (ICSS) initiative.
The programme was unveiled in Abuja and is being implemented by the Small and Medium Enterprises Development Agency of Nigeria in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Kaduna Business School, with implementation support from GOPA Worldwide Consultants.
According to an update on the National Orientation Agency official website, the initiative is designed to strengthen Nigeria’s entrepreneurial ecosystem by improving access to affordable financing for small businesses, enabling them to grow their operations and create employment opportunities.
The update noted that the loan facility will be managed by Jaiz Bank, which will provide two categories of financing to eligible businesses.
The first category, known as START Loans, will offer financing ranging from ₦250,000 to ₦2 million for emerging businesses, while SCALE Loans will provide between ₦1 million and ₦5 million for enterprises seeking to expand their operations.
The government said the initiative represents a strategic effort to support MSMEs with low-interest financing that will enhance productivity, strengthen business capacity and promote inclusive economic growth.
Interested applicants are expected to apply for the facility under the Nigerian Youth Academy (NiYA) initiative through the official portal of the Federal Ministry of Youth Development.
