BoI designates FIC as service provider

The Bank of Industry has designated FIC Professionals Network Plc as a business development service provider to guide and support small and medium enterprises seeking credit.

In a statement on Tuesday, the firm explained that BDSPs serve as vehicles to support the bank’s core mandate of providing long-term financial and business support services to micro, small, and medium-sized enterprises.

As a BDSP, FIC is expected to identify credible SMEs in need of financing, assist in developing bankable business plans, and provide post-financing services such as mentorship and financial advisory. Additionally, it will promote corporate governance among SMEs, foster linkages with larger enterprises, and support value chain development.

The board of the Bank of Industry recently approved a mid-term 2025–2027 corporate strategy plan, which focuses on 18 initiatives aimed at positioning the institution as a market leader and the most successful development finance institution in sub-Saharan Africa.

As part of its ongoing efforts to boost businesses across Nigeria, the bank disbursed more than N120bn to MSMEs in 2024.

In light of its new corporate strategy, the BoI recently met with all its BDSPs to discuss their roles and expectations.

FIC is currently presenting applicants for the N75bn Small Enterprises Intervention Sector Fund, a component of the N200bn Federal Government MSME Intervention Fund, for which the Bank of Industry serves as the executing agency.

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