The Central Bank of Nigeria (CBN) launched the ₦350 billion “GrowEasy” loan scheme in July 2025 to empower Small and Medium Enterprises (SMEs), targeting job creation and economic diversification. Offering 5% interest rates and a seven-year repayment period, the scheme focuses on agriculture, tech, and manufacturing, with 40% of funds reserved for women and youth-led startups. CBN Governor Yemi Cardoso said the initiative aligns with Nigeria’s goal to create 1 million jobs by 2027.
Over 10,000 SMEs have applied through digital platforms like PalmPay, with 2,000 approved by July 20, 2025. The scheme is expected to boost GDP by 2%, per the NBS, by supporting sectors like agribusiness, which employs 35% of Nigerians. Challenges include loan misuse, with 10% of past CBN interventions diverted, per a 2024 audit. The CBN has introduced AI-based monitoring to ensure transparency.
Entrepreneurs like Fatima Usman, a Kano-based fashion designer, have benefited, expanding her business to employ 20 staff. Critics, however, call for broader access in rural areas, where only 15% of SMEs have applied. The scheme’s success could transform Nigeria’s economy, with plans to expand funding to ₦500 billion in 2026.
Source: Nairametrics
Link: https://nairametrics.com
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