Africa’s richest man Aliko Dangote recently partnered with the Nigeria’s Bank of Industry (BOI) to set up a N5 billion small and medium scale enterprises fund to grant low interest loans to entrepreneurs and small businesses in Nigeria.
The fund is targeted at development of MSMEs across the nation with loans attracting only a 5 percent interest rate and a focused Bottom of the Pyramid Scheme to deepen access to the fund by entrepreneurs and micro enterprises.
According to the Nigerian industrialist, “the funds are expected to impact directly on up to 13,000 registered groups in the country.
Each group shall have an average of 20 entrepreneurs, this impacting the lives of up to 250,000 micro-entrepreneurs through job creation, spreading across all six geopolitical zones in Nigeria.”
The Dangote Foundation/BOI Fund is a N5bn matching fund, which could be accessed by Enterprises and Limited Liability Companies engaged in the Manufacturing, Agro-Processing and Merchandising sectors for made in Nigeria goods, with single obligor limit of N50.0 Million with an interest rate of 5%.
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