LAGOS: 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. Olasupo Olusi, BOI’s Managing Director, shared this development during an interactive session with the Organised Private Sector in Abuja.
He further revealed that 20 additional projects, valued at N6.3 billion, are currently in various stages of disbursement under the same initiative.
Olusi emphasized that the fund marks a significant milestone in fostering collaboration and driving the advancement of Nigeria’s industrial sector. He noted that sustainable economic growth requires collective effort, collaboration, innovation, and a unified approach to addressing systemic challenges in the industrial landscape.
The N75 billion fund is also part of a broader effort to support the development of Small and Medium Enterprises (SMEs) through strategic partnerships.
The BOI has been working closely with private sector organizations to streamline processes and ensure the efficient delivery of loan programs to beneficiaries.
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In October 2024, the BOI launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund, designed to empower Nigeria’s small business sector. This initiative offers loans of up to N1 million to MSMEs, with a competitive 9% interest rate over a three-year term, and no collateral requirements.
Amina Habu Mohammed, a representative of the BOI, highlighted the fund’s importance as a critical support mechanism to address the credit challenges faced by small businesses in Nigeria. Solomon Vongfa, the national president of the Nigerian Association of Small-Scale Industrialists (NASSI), praised the initiative as a “beacon of hope” for MSMEs. He emphasized its potential to drive economic growth, create jobs, and foster innovation.
To ensure the success of the initiative, NASSI has committed to educating business owners on how to access the loans, through workshops, seminars, and outreach programs across all 36 states of Nigeria.
