The Bank of Industry (BOI) has announced the disbursement of N22.89 billion to 29 manufacturers under the Federal Government’s N75 billion Manufacturing Sector Intervention Fund. This was revealed by BOI Managing Director, Olasupo Olusi, during an interactive session with the Organised Private Sector in Abuja.
In addition to the disbursed funds, Olusi highlighted that 20 more projects, valued at N6.3 billion, are in the process of receiving funding under the same initiative. He described the intervention fund as a pivotal step toward strengthening Nigeria’s industrial sector and fostering economic growth through collaboration and innovation.
“This initiative shows that transforming Nigeria’s industrial landscape requires joint efforts. Achieving sustainable economic growth depends on collaboration, innovation, and addressing systemic challenges,” Olusi stated.
Boosting Small Businesses through Strategic Partnerships
The N75 billion fund is part of a broader strategy to support Small and Medium Enterprises (SMEs) through targeted partnerships. Olusi emphasized that BOI is working closely with private sector organizations to simplify processes and ensure loans are delivered effectively to beneficiaries.
In October 2024, BOI launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. The fund is designed to empower small businesses in Nigeria, offering loans of up to N1 million at a competitive 9% interest rate for a three-year term with no collateral requirements.
Addressing Credit Challenges for MSMEs
Amina Habu Mohammed, a BOI representative, described the MSME fund as a crucial tool for tackling the credit access challenges faced by small businesses across the country.
Solomon Vongfa, National President of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative, calling it a “beacon of hope” for MSMEs. He noted its potential to drive economic growth, generate jobs, and encourage innovation. To ensure the fund’s success, NASSI has committed to educating business owners through workshops, seminars, and outreach programs in all 36 states.
The BOI’s commitment to empowering manufacturers and MSMEs reflects its dedication to building a robust industrial sector and promoting sustainable economic development in Nigeria.
