Buhari Administration Delivers on Soft Loans Promise to Support Business Ideas Across Different Value Chains with Established Institutions

Since the Buhari administration promised to provide soft loans to support business ideas across different value chains during its campaign, it has made considerable progress in fulfilling this promise. Several established institutions have been involved in providing the soft loans, including the Central Bank of Nigeria (CBN), Bank of Industry (BOI), Bank of Agriculture (BOA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Development Bank of Nigeria (DBN), and Nigerian Export-Import Bank (NEXIM).

In the years since 2019, the country has witnessed the implementation of various soft loan programs. For example, the Anchor Borrowers Programme (ABP) Intervention for Agriculture, an initiative of the CBN, provides soft loans for small-scale farmers and businesses related to agriculture. This program targets farmers engaged in producing certain commodities who are part of an approved group.

The MSMEDF Loan, which is part of the CBN’s effort to promote small businesses in the country, is another soft loan program that covers a variety of businesses, including trade and commerce, artisans, cottage industry, agricultural value chain, and more. The fund identifies financing gaps and plugs them to accelerate development.
‍

Overall, the Buhari administration has delivered on its promise to create soft loans to support business ideas across different value chains with established institutions. The various soft loan programs that have been implemented demonstrate the government's commitment to fostering economic growth and development in the country. Therefore, we rate this promise as kept.

‍