The Bank of Industry (BOI) said it has disbursed N22.89 billion to 29 manufacturers under the Federal Government’s N75 billion Manufacturing Sector Intervention Fund.
BOI Managing Director Olasupo Olusi announced during an interactive session with the Organised Private Sector in Abuja.
He revealed that 20 more projects, worth N6.3 billion, are currently in different stages of disbursement under the same initiative.
Olusi highlighted the fund as a key milestone in promoting collaboration and advancing the nation’s industrial sector.
This agreement emphasizes a fundamental truth: transforming Nigeria’s industrial landscape cannot be achieved in isolation. The path to sustainable economic growth requires collaboration, innovation, and a collective determination to tackle systemic challenges,” he remarked.
Olusi also pointed out that the fund is a key component of a broader initiative to advance the development of Small and Medium Enterprises (SMEs) through strategic partnerships.
He further noted that the bank has been closely collaborating with private sector organizations to streamline procedures and ensure the successful implementation of its loan programs.
In October 2024, the Bank of Industry (BOI) launched an application portal for its N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. The initiative aims to support Nigeria’s small businesses by offering loans of up to N1 million at a 9% interest rate over three years, with no collateral required.
Amina Habu Mohammed from BOI highlighted the fund’s role in addressing the credit challenges faced by MSMEs.
Solomon Vongfa, national president of the Nigerian Association of Small Scale Industrialists (NASSI), commended the initiative as a ‘beacon of hope’ for MSMEs, emphasising 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 programs in all 36 states.
