United Bank for Africa (UBA) Plc has obtained a N5 billion loan facility from the Bank of Industry (BOI) aimed at strengthening key sectors of the Nigerian economy and supporting the growth of micro, small, and medium enterprises (MSMEs), with a particular focus on businesses owned by women.
The financing, provided through the Federal Government’s MSME Fund, is designed to drive activity in critical sectors, while giving entrepreneurs access to affordable loans. The priority areas identified include Green Energy, Education, Healthcare, and Women-Owned Enterprises.
Speaking on the development, UBA’s Group Managing Director, Oliver Alawuba, described the initiative as central to the bank’s wider economic agenda. “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth. It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive,” he said.
He noted “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you”
According to the bank, each business can access up to N5 million under the scheme, with a three-month moratorium on principal repayments. The grace period is intended to give enterprises time to stabilise before they begin making payments.
UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, said the targeted sectors were chosen because of their strategic importance to Nigeria’s economic future. “We are structuring this facility to align with our broader mission of financial inclusion and economic empowerment. For us at UBA, we will be targeting Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development,” he explained.
“This facility is structured to ensure that businesses in these sectors can access affordable funding, expand their operations, and contribute meaningfully to the economy. We are excited to partner with BOI to make this a reality,” Fashola added.
Group Head of Marketing and Corporate Communications, Alero Ladipo, highlighted the appeal of the initiative, pointing to the competitive lending rate and government backing. “What sets this program apart is its accessibility and affordability. We have worked closely with stakeholders to ensure the terms are business-friendly because we understand the challenges entrepreneurs face. I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away,” she said.
