Economy

Nigerian govt announces N75bn single-digit interest loans for MSMEs

Published

3 months ago

November 7, 2024

The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Small, and Medium Enterprises, MSMEs, across Nigeria.

Scheduled for launch in 2025, this scheme aims to foster economic growth by targeting women and youth-owned enterprises, creating jobs, and stimulating local economies.

Minister of Information and National Orientation, Alhaji Mohammed Idris, outlined the project’s goals at a town hall meeting in Abuja, noting its alignment with President Bola Tinubu’s Renewed Hope Agenda.

“This scheme is a concrete manifestation of Tinubu’s commitment to economic transformation. By focusing on MSMEs, which are the backbone of our economy, we aim to diversify income streams, boost exports, and provide valuable job opportunities,” he said.

The loan, a joint effort among the Federal Government, the Bank of Industry, BOI, and state governments, offers single-digit interest rates with individual loans capped at N1 million.

This move is expected to alleviate some of the challenges MSMEs face, particularly high production costs due to recent fuel subsidy removal.

The BOI’s Enugu Branch Head, Mrs Anuli Akabogu, highlighted this during a session in Enugu, saying: “The government understands the burdens MSMEs face; this fund is intended to ease the cost of production.”

At the sensitisation event in Akwa Ibom, Commissioner for Trade and Investment, John James, urged beneficiaries to prudently utilise the loan.

“This is an opportunity to scale your businesses responsibly. MSMEs drive economies globally, and we want the same for Nigeria,” he said.

To reach potential recipients, government agencies like the Corporate Affairs Commission, Federal Inland Revenue Service, and other partners have joined efforts, touring the nation to inform business owners of the application criteria.

In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, praised President Tinubu’s dedication to economic empowerment.

He noted: “This initiative proves Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will revitalise not just the local economy but bolster our national strength.”

BOI officials stressed the importance of following the correct application procedures.

Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, cautioned applicants against fraud.

“This loan has a fixed interest rate with no hidden fees. Visit any BOI branch to apply directly; don’t fall victim to middlemen,” he advised.

The scheme requires applicants to present key documents, including a federal civil service guarantor, to qualify.

Mr Michael Agidani, BOI manager in Ogun State, shared that the bank has already begun disbursing loans, with an initial N1 billion reaching MSMEs in the state.

As the rollout begins, the initiative’s reach is expected to improve national economic resilience, expand export capacities, and fulfill Tinubu’s vision of a revitalised Nigerian economy.

Economy

SEE Black Market Dollar To Naira Exchange Rate Today 21 January 2025

Published

11 hours ago

January 21, 2025

Naijablitznews

Black Market Dollar To Naira Exchange Rate Today 21 January 2025 Can Be Accessed Below.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the dollar to naira black market today 14 January 2025?
The local currency (abokiFx) opened at ₦1,660.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 21 January 2025, in Lagos Nigeria, after it closed at ₦1,655.00 per $1 on Monday, 20 January 2025.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,655
Selling Rate of $1 ₦1,660
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.

What’s the dollar-to-naira CBN exchange rate today?
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,551
Selling Rate of $1 ₦1,552
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Economy

Bitcoin hits all-time high driven by Trumpmania

Published

23 hours ago

January 21, 2025

Kayode Sanni-Arewa

Bitcoin the world’s largest cryptocurrency hits an all-time high of 109,241 dollars on Jan. 20 as Donald Trump prepares to take over the white house as president of the United States.

Ahead of the crypto-friendly president’s inauguration and the launch of $TRUMP and $MELANIA issued by Trump and his wife, Melania Trump, Bitcoin surged 5.5 per cent to set a new record according to the report from Bloomberg

The surge came after Trump and Melanin introduced meme coins over the weekend with $TRUMP briefly reaching a market capitalization of more than 15 billion dollars before falling sharply.

The meme coin has disrupted the digital asset market reducing influence into bitcoin and smaller tokens and drawing criticism from industry experts.

Bitcoin, Ethereum (the second largest crypt currency), and XRP or surged Monday morning in London as traders counted down the hours before Trump official returned to the white house.

Bloomberg News reported that he was considering an exclusive order that will deem crypto assets in ‘’National priority’’.

Ben El-baz, CEO of Hashkey Global said that the launch of meme coins by Trump and his team has further fuelled Bitcoin’s rally, as retail traders expect the republican president to prioritize and reaffirm his commitments to the crypto industry.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 20 January 2025

Published

2 days ago

January 20, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 20 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Monday, January 20, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.