National Identity Management Commission (NIMC) said the National Identification Number (NIN) is a mandatory requirement for securing government loans.
NIMC said on its social media platform that the identity number has become compulsory for Bank of Industry (BOI) loans.
NIMC said, “Enroll for your NIN today to access business aid and other opportunities from the Bank of Industry.
“To access the services of the Bank of Industry (BOI), enroll for the NIN.”
Recall that the federal government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), established three funds totaling N200bn to support businesses across Nigeria.
The fund will be accessed at nine per cent interest, to be disbursed by the Bank of Industry (BOI).
The funds established by the government were the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
The government appointed BOI as the executing agency for the funds and is empowered with the responsibility for their day-to-day administration.
“The Presidential Conditional Grant Scheme (PCGS) is a N50bn grant scheme to support eligible Nano Business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT.
“The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others,” said Dr. Olasupo Olusi, managing director/chief executive officer, BOI.
