The Bank of Industry (BOI) says it has disbursed N22.89 billion to 29 manufacturers under the Federal Government’s N75 billion Manufacturing Sector Intervention Fund.
Olasupo Olusi, BOI managing director, disclosed this during an interactive session with the organised private sector in Abuja.
Olusi said that an additional 20 projects, valued at N6.3 billion, are currently in various stages of disbursement under the same initiative.
He described the interactive session as a significant milestone in fostering collaboration and advancing the country’s industrial sector.
“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,” he stated.
Olusi said that the fund was part of a larger effort to drive the development of Small and Medium Enterprises (SMEs) through strategic partnerships. He said the bank has been working closely with private sector organisations to streamline processes and ensure the effective delivery of its loan programmes.
In October 2024, BOI launched its application portal for the N75 billion Micro, Small, and Medium Enterprises Intervention Fund to empower Nigeria’s small business sector. The initiative offers loans of up to N1 million to MSMEs at a competitive 9 percent interest rate for a three-year term, with no collateral requirements.
Amina Habu Mohammed, a BOI representative, described the fund as a critical support mechanism to address the credit challenges small businesses face in Nigeria.
Solomon Vongfa, national president of the Nigerian Association of Small-Scale Industrialists (NASSI), commended the initiative as a “beacon of hope” for MSMEs, emphasizing its potential to spur economic growth, create jobs, and foster innovation.
To ensure the fund’s success, he said NASSI has committed to educating business owners on how to access the loans through workshops, seminars, and outreach programmes in all 36 states.
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