United Bank for Africa Plc has secured a N5bn loan facility from the Bank of Industry to boost key sectors of the economy and support the growth of sustainable and viable businesses in Nigeria, with a primary focus on micro, small, and medium enterprises owned by women.

The facility, according to a statement from UBA on Sunday, disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy while offering affordable financing to support businesses in Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “lifewire of any developing economy.”

“At UBA, we recognise the pivotal role MSMEs play in driving economic development, and how they make up a sizable portion of what drives our economic growth,” Alawuba said. “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.”

The facility provides a maximum loan amount of N5m per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, highlighted the strategic importance of the targeted sectors to the nation’s continued growth, noting that the initiative will strengthen financial inclusion and set the country on the path of sustainable development.

“We are structuring this facility to align with our broader mission of financial inclusion and economic empowerment,” Fashola said. “For us at UBA, we will be targeting Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development.” The initiative is expected to make a meaningful contribution to the economy and promote sustainable development.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, urged business owners, especially women, to take advantage of the initiative. “What sets this program apart is its accessibility and affordability,” Ladipo stated. “I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away.”