Applicants of the FGN/BOI MSME Intervention Loan have taken to social media to question the delay in disbursement of approved funds, raising concerns over the handling of the programme by the Bank of Industry.
The loan scheme, an initiative of the Federal Government of Nigeria targeted at supporting Micro, Small and Medium Enterprises (MSMEs), has seen many applicants complete required processes without receiving funds months and in some cases years after approval.
On a recent Facebook post by BOI highlighting its nationwide offices and access to financing, several applicants flooded the comment section with complaints, questions, and calls for clarity regarding the intervention loan.
A recurring issue raised by applicants is the delay between receiving an offer letter and actual disbursement. Many claim they have signed agreements and fulfilled all conditions but are still waiting.
“I have had my offer letter for six months now, I have signed the agreement but no disbursement,” one applicant wrote.
Another applicant expressed frustration over a longer delay, stating, “I have given up hope on the FG intervention loan I applied for over 2–3 years now… BOI has proved to me that an ordinary Nigerian like me has no hope of getting the loan.”
Others questioned whether the programme is still active or has been quietly discontinued. “Regarding the FG Loan Intervention programme, what is the situation of those who have been issued offer letters? Will you disburse the funds to them, or has the programme come to an end?” one commenter asked.
Some applicants also raised concerns about communication from the bank, noting that responses from BOI often come as private messages without public clarification. This has added to the uncertainty around the status of the scheme.
“Your silence on this matter may reduce the bank’s credibility,” another user wrote, calling for transparency.
The FGN/BOI MSME Intervention Loan is designed to provide funding support to small businesses across Nigeria, helping to boost productivity, create jobs, and ease access to finance. However, the gap between approval and disbursement has become a major concern among beneficiaries.
BOI, in response to multiple comments, maintained a consistent reply: “Thank you for your interest. We have sent you a message.” The bank did not provide detailed public clarification on the issues raised.
The growing volume of complaints reflects wider concerns among MSME operators who depend on such intervention programmes for business survival and growth. For many, the delay is not just administrative but has real impact on operations, planning, and trust in government-backed funding initiatives.
Nigeria Startup News reports that as questions continue to mount, applicants are calling on BOI to provide clear updates on disbursement timelines and the current status of approved loans under the scheme.
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