The Bank of Industry (BOI) has granted United Bank for Africa (UBA) Plc a N5 billion loan facility to strengthen important economic sectors and encourage the expansion of sustainable and profitable companies in the nation, particularly women-owned micro, small, and medium-sized enterprises (MSMEs).
According to a bank statement, the facility, which is distributed through the Federal Government’s MSME Fund, is intended to boost important economic sectors while providing reasonably priced financing to assist businesses, with a particular emphasis on women-owned enterprises, green energy, education, and healthcare.
Speaking on the facility, Oliver Alawuba, Group Managing Director/CEO of UBA, emphasized the bank’s dedication to promoting economic growth by empowering MSMEs, which he referred to as the “livewire of any developing economy.”
At UBA, we understand the critical role MSMEs play in economic development and how they contribute significantly to our economic growth,” he stated. In keeping with this, we have made the decision to keep moving forward by supporting programs aimed at giving companies the funding they require to succeed.”We are removing the traditional barriers that hinder SME growth in Nigeria and Africa by offering loans at a competitive 9% interest rate with a three-year tenor,” stated Alawuba. Therefore, our advice to entrepreneurs is straightforward: Don’t pass up this once-in-a-lifetime chance.
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