September 3, 2025 – Akwa Ibom State Government, in partnership with the Bank of Industry, has launched a N4 billion Micro, Small, and Medium Enterprises loan program to support businesses in the state.
The initiative, tagged AKSG-BOI MSME Loan, is designed to fuel business growth with financial support and stimulate economic activities across Akwa Ibom.
This isa coming after a recent Akwa Ibom-BOI entrepreneurial workshop for Matching Funds applicants.
The program will serve as a major investment in entrepreneurship. “This collaboration with the Bank of Industry is a commitment to fostering the growth and success of MSMEs in Akwa Ibom,” a statement said.
The initiative is aimed at:
1. Generate 5000+ new employment opportunities across various sectors, empowering Akwa Ibom residents and boosting local economies.
2. Provide accessible capital to enable MSMEs to scale operations, invest in new technologies, and expand market reach, fostering sustainable business expansion.
3. Stimulate economic activity by injecting vital funds into the MSME sector, contributing to increased GDP and overall economic development of Akwa Ibom State.
4. Empower farmers and agribusinesses with the resources needed to improve yields, adopt modern farming techniques, and enhance food production, ensuring food security and agricultural sustainability.
5. Offer affordable financing solutions to help businesses manage operational expenses, improve efficiency, and enhance competitiveness in the market.
6. By supporting MSMEs, the program aims to improve the financial stability of households, creating a ripple effect of positive economic impact across communities.
Eligibility criteria. Applicants must:
a. Own a Micro or Small, or Medium Enterprises.
b. Business headquartered must be in Akwa Ibom State
c. Business must be registered business with Corporate Affairs Commission (CAC)
d. Applicant must Must have a valid means of identification.
The loan structure is based on obligor limits.
i. Micro Enterprises: Up to ₦10 million
ii. Small and Medium Enterprises: ₦10 million – ₦100 million
The interest rate for the facility has been fixed to ease repayment pressure on business owners. Term loans attract 7.5% per annum, while working capital loans are set at 8.5% per annum.
Facilities under the program are flexible. The term loan facility ranges from 3 to 5 years, while the working capital facility has a maximum tenure of 3 years. According to the government, “Funds are disbursed directly to the approved suppliers to ensure proper use of the loan.”
Approval is expected within 2 to 4 weeks, depending on proper documentation.
How to apply:
Ibom-BOI MSME loan application is currently open, and business owners are encouraged fill the application form to apply now through the official portal link Here.