Bank of Industry (BoI) has said that incomplete documentation and other compliance gaps are reasons some shortlisted  Micro Small and Medium Enterprises (MSMEs)  for the Federal Government’s N75bn intervention fund are yet to have their accounts credited.

Speaking, the bank’s  Managing Director, Olusupo Olusi, however, assured  of the commitment of  his management team  to addressing  the ‘’challenges head-on.’’

He said, “While loans have been approved for many applicants, some disbursements are being delayed because of incomplete documentation and other compliance gaps that could easily be resolved,’’

Olusi gave this hints during  a  Presidential Loan Clinic for MSMEs in partnership with the office of the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation in Abuja.

The Managing Director, who was represented at the event by the Divisional Head, Multilaterals Division, Yinka Adegboye, revealed that  262 small businesses have so far received N900 million of the N2.9 billion approved for 662 MSMs.

The intervention fund is aimed at empowering MSMEs, creating over 75,000 direct and 150,000 indirect jobs nationwide.

The BoI boss explained that the  MSMEs engagement was to ensure that ‘’every qualified Nigerian entrepreneur’’ benefited from the fund.

According to him, “The programme is in line with the presidential directive to make credit accessible to Nigerian businesses, promote sustainability, support families, and contribute meaningfully to the nation’s Gross Domestic Product.

“We want to support MSMEs in a sustainable manner. We are not just providing funds, we are building capacity, monitoring impact, and ensuring that these loans translate to job creation and economic value.”

BoI Regional Manager-North Central, Nasiru Ozovehe, who advised more entrepreneurs to take advantage of the loan, said  “the maximum loan amount is N5 million’’ for each business concern with valid registration and documentation.

Special Adviser to the President on MSMEs and Job Creation,  Temitola Adekunle-Johnson, said the intervention was designed not only to make funding accessible but to ensure entrepreneurs received the support they need for production.

The presidential aide said: “The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed.

‘’The BoI is working directly with beneficiaries to ensure proper documentation and utilisation. This is not just about giving out money, it’s about making sure the money works for   businesses, creates jobs, and grows the economy.”