Nigeria’s most successful entrepreneur, Aliko Dangote recently partnered with the Bank of Industry (BOI) for a N5 billion/$32 million small and medium enterprises (MSMEs) Fund to grant low interest loans to entrepreneurs and small businesses in Nigeria.
The partnership was brokered through Mr. Dangote’s, Dangote Foundation, the Dangote Group’s philanthropic arm.
The partners are to contribute N2.5 billion each in first tranche, while the fund is expected to grow to N20 billion.
Dangote Foundation will release it’s contribution to BOI at zero per cent interest rate while BOI will offer the the loan to MSMEs at five per cent interest rate.
Aliko Dangote, President, Dangote Group and Chairman, Dangote Foundation said the partnership with the BOI was to increase employment opportunities in the country.
Specifically, he said the partnership will create a direct employment for one million Nigerians over the next few years.
The first tranche of the funds, N5 billion released on Monday, according to him, “is expected to impact directly on up to 13,000 registered groups in the entire country. Each group shall have an average of 20 entrepreneurs, thus impacting the lives of up to 250,000 micro-entrepreneurs, through job creation, spreading across all six geopolitical zones in Nigeria.”