The Bank of Industry (BOI) has announced that it has disbursed N22.89 billion to 29 manufacturers as part of the Federal Government’s N75 billion Manufacturing Sector Intervention Fund. This initiative is aimed at strengthening Nigeria’s industrial landscape and fostering economic growth.
During an interactive session with the Organised Private Sector in Abuja, BOI’s Managing Director, Olasupo Olusi, revealed that an additional 20 projects worth N6.3 billion are currently in various stages of disbursement under the same program. Olusi emphasized that the Manufacturing Sector Intervention Fund is a significant milestone in advancing the country’s industrial sector, noting that transforming Nigeria’s industrial landscape requires collaboration and innovation.
He remarked, “This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone. The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges.”
The BOI managing director also highlighted that the fund is part of a broader strategy to support the development of Small and Medium Enterprises (SMEs) through strategic partnerships with the private sector. These partnerships aim to streamline processes and ensure that loan programs are delivered effectively.
Further demonstrating its commitment to boosting Nigeria’s small business sector, BOI launched an application portal in October 2024 for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. This fund provides loans of up to N1 million to MSMEs at an affordable 9% interest rate, with a three-year repayment term and no collateral requirements.
Amina Habu Mohammed, a representative of BOI, described the fund as a crucial support mechanism to address the credit challenges faced by small businesses in Nigeria. Additionally, Solomon Vongfa, the national president of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative as a “beacon of hope” for MSMEs, highlighting its potential to drive economic growth, create jobs, and foster innovation.
To ensure the fund’s success, Vongfa stated that NASSI is committed to educating business owners across all 36 states on how to access the loans through workshops, seminars, and outreach programs. This initiative is expected to play a pivotal role in empowering Nigeria’s small business sector and contributing to the nation’s overall economic development.
Gathered by: Onoro Promise Edesiri