THE Bank of Industry (BOI) has announced the disbursement of N22.89 billion to 29 manufacturers as part of the Federal Government’s N75 billion Manufacturing Sector Intervention Fund.
The managing director of BOI, Olasupo Olusi, made this announcement during an interactive session with the Organized Private Sector in Abuja.
He also revealed that an additional 20 projects, worth N6.3 billion, are currently at various stages of disbursement under the same initiative.
Olusi characterized the fund as a significant step towards fostering collaboration and promoting the growth of the country’s industrial sector.
“This agreement highlights the reality that we cannot transform Nigeria’s industrial landscape on our own. Achieving sustainable economic growth requires collaboration, innovation, and a collective effort to tackle systemic challenges,” he stated.
He emphasized that the fund is part of a broader strategy to support the development of Small and Medium Enterprises (SMEs) through strategic partnerships.
According to Olusi, the bank has been collaborating closely with private sector organizations to streamline processes and ensure the effective implementation of its loan programs.
In October 2024, BOI launched its 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 at a competitive interest rate of 9% for a three-year term, with no collateral required.
Amina Habu Mohammed, a BOI representative, described the fund as a vital support mechanism to tackle the credit challenges faced by small businesses in Nigeria.
The national president of the Nigerian Association of Small Scale Industrialists (NASSI), Solomon Vongfa, praised the initiative as a “beacon of hope” for MSMEs, highlighting its potential to drive economic growth, create jobs, and encourage innovation.
To ensure the fund’s success, Vongfa stated that NASSI is committed to educating business owners on how to access the loans through workshops, seminars, and outreach programs across all 36 states.