It is not in doubt that Nigeria is facing deep economic troubles not seen in decades, following the removal of petroleum subsidy and subsequent devaluation of the naira by the current administration of President Bola Ahmed Tinubu.
Realising the hemorrhaging impact of these suffocating policies, President Tinubu introduced several incentives to help revive the millions of businesses that have been collapsing en masse due to enormous financial pressures.
One such initiative is the introduction of the N75 billion Federal Government of Nigeria/Bank of Industry (FGN/BOI) MSMEs Intervention Loan programme, which stands as a beacon of promise for the nation’s medium and small-scale enterprises (MSMEs).
These businesses, the lifeblood of our economy, have been among the worst hit by the tough economic reforms embarked upon by Mr Tinubu’s government.
Certainly, the president’s decision to introduce this scheme was a commendable step to cushion the devastating effects of these policies and breathe new life into a sector that employs over 80 per cent of Nigeria’s workforce.
However, this noble vision risks being derailed by the very institution tasked with its execution—the Bank of Industry (BOI).
This is why President Tinubu needs to act swiftly and decisively to ensure that the BOI does not scuttle this critical programme through unnecessary delays and bureaucratic bottlenecks.
The MSMEs Intervention Loan programme was designed as an economic lifeline for businesses teetering on the edge of collapse.
The removal of petrol subsidies, while a necessary long-term reform, has driven up transportation and production costs, rendering many small businesses unprofitable.
Coupled with the naira devaluation, which has inflated the cost of imported raw materials and machinery, millions of entrepreneurs have watched helplessly as their dreams crumbled.
The Tinubu administration recognized this crisis and responded with a pragmatic solution: a N75 billion fund to provide low-interest loans to qualified MSMEs, enabling them to stabilise operations, retain employees and contribute to Nigeria’s economic recovery.
According to the government, this initiative aligns with President Tinubu’s Renewed Hope agenda, promising not just survival but growth for a sector that has long been neglected.
Yet, despite the urgency of the situation, the Bank of Industry has failed to match the administration’s sense of purpose with equal commitment.
Reports from applicants across the country reveal a troubling pattern of delays in the disbursement process, even for those who have met all eligibility criteria.
These are not mere administrative hiccups; they are a betrayal of the trust that Nigerian entrepreneurs have placed in the federal government.
For every day that funds remain locked in BOI’s coffers, businesses edge closer to insolvency, workers lose their livelihoods, and communities sink deeper into poverty.
The BOI’s sluggish pace threatens to transform a well-intentioned policy into a hollow promise, undermining the administration’s credibility and the hope it has ignited.
The consequences of these delays are particularly dire for specific sectors and regions. Take, for instance, food processing businesses in Northern Nigeria, where the rainy season looms on the horizon.
These enterprises, many of which rely on seasonal agricultural inputs, face a narrow window of opportunity to procure raw materials, process goods and meet market demand.
The approaching rains will disrupt supply chains, flood rural roads and render transportation of perishable goods nearly impossible.
Without immediate access to the intervention loans, these businesses risk missing this critical cycle, leading to spoilage of goods, loss of revenue and, ultimately, collapse.
The ripple effects will be felt far beyond the entrepreneurs themselves—farmers will lose buyers for their harvests, families will lose income, and food insecurity will deepen in a region already grappling with economic challenges.
Mr. President, the BOI’s delays are not just an inconvenience; they are a ticking time bomb threatening the survival of entire communities.
Mr President, you have demonstrated a willingness to confront tough challenges head-on, from economic reforms to security threats.
This is the moment to apply that same resolve to the BOI’s mismanagement of the MSMEs Intervention Loan programme.
I respectfully call on you to direct the Bank of Industry to expedite the disbursement process, ensuring that qualified applicants receive funds without further delay.
Establish clear timelines and hold BOI officials accountable for meeting them. Where bottlenecks persist, investigate whether incompetence or vested interests are at play, and take decisive action to remove such obstacles.
The success of this programme is not just a matter of economic policy—it is a test of your administration’s ability to deliver on its promises to the Nigerian people.
The N75 billion MSMEs Intervention Loan programme is not just a financial scheme but a lifeline for millions of Nigerians who believe in your vision of “Renewed Hope”.
Do not allow the BOI to snuff out that hope with bureaucratic lethargy.
Act now, Mr President, to ensure that this initiative fulfills its potential to revive Nigeria’s small businesses, restore livelihoods, and secure your legacy as a leader who stood by the people in their hour of need.
Haruna, an entrepreneur, wrote this piece from Kano
