The Federal Government in collaboration with the Bank of Industry (BoI), has disbursed 40 billion naira to 810,945 Micro, Small and Medium entrepreneurs (MSMEs) in 774 Local Government Areas across the country.

According to the bank, the disbursement is under the 50 billion naira Presidential Grants and Loans Scheme to meet the needs of one million SMEs in the country.

Flagging off the disbursement at a Town Hall meeting, in Maiduguri, Borno state, the BoI State Manager, MUKHTAR MUSA disclosed that the Bank and National Assembly have targeted traders, Information and Communication Technology (ICT) providers, transporters, and artisans in the various trades of profession.

In a breakdown of the disbursement, MUSA said that 70 percent of the loans and grants are for youths and women, while 10 per cent each were also allocated to people with disabilities, pensioners and vulnerable groups in the six geopolitical zones.