The Bank of Industry (BOI) has announced the disbursement of N22.89 billion to 29 manufacturing companies under the Nigerian Government’s N75 billion Manufacturing Sector Intervention Fund.
The Managing Director of BOI Olasupo Olusi, shared this update during an interactive session with the Organised Private Sector in Abuja.
In addition to the disbursements, Olusi revealed that 20 more projects, worth N6.3 billion, are in various stages of funding under the same initiative. He described the fund as a pivotal step in fostering collaboration and advancing Nigeria’s industrial growth, emphasizing that transforming the country’s industrial landscape requires a collective effort.
“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,” Olusi said.
The fund, which aims to support Small and Medium Enterprises (SMEs), is part of a broader strategy to develop the sector through strategic partnerships. Olusi highlighted that the BOI has been working closely with private sector organizations to streamline processes and ensure the effective delivery of its loan programs.
Earlier in October 2024, the BOI launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. The initiative is designed to empower small businesses with loans of up to N1 million at a competitive 9% interest rate for a three-year term, with no collateral required.
Amina Habu Mohammed, a representative from BOI, described the fund as a vital resource to help small businesses overcome the credit challenges they face in Nigeria. Solomon Vongfa, National President of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative as a “beacon of hope” for MSMEs. He highlighted its potential to stimulate economic growth, create jobs, and foster innovation.
To ensure the success of the program, Vongfa emphasized that NASSI is committed to educating business owners on how to access the loans through workshops, seminars, and outreach programs across all 36 states of Nigeria.
