The Bank of Industry (BOI) said it has disbursed N22.89 billion to 29 manufacturers as the manufacturing industry struggles with poor sales and rising cost of production.
The disbursement was disclosed by the BOI Managing Director, Dr Olasupo Olusi, while speaking at the first BOI interactive session with the Organised Private Sector in Abuja, on Monday.
Olusi noted that the interactive session was organised to allow stakeholders to reflect on ways to create a thriving industrial sector and boost the development of Small and Medium Enterprises (SME).
He noted that the N22.89 billion disbursed to 29 manufacturers was from a N75 billion manufacturing sector intervention fund, from which 20 other projects valued at N6.3 billion were at different stages of disbursement.
He called for collaboration between SMEs and the government, noting that it would help achieve growth and address systemic challenges.
Emphasising the need for improved collaboration, he said: “Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations. 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 noted that the bank’s role goes beyond providing financing to also supporting an enabling environment for businesses to thrive. This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets.
“On collaborative innovation, we must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.
“We are concerned about your most pressing challenges, your operations, how we can further align our programmes with your needs and the innovative solutions we can pursue together to accelerate growth,” he added.
According to the African Development Bank, SMEs in Nigeria face a funding gap of about $160bn
The federal government has acknowledged the challenges faced by manufacturers and last month, it established an industrial revolution work group to revitalise the manufacturing sector.