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, the Managing Director of BOI, made the announcement during an interactive session with the Organised Private Sector in Abuja.
Olusi also revealed that an additional N6.3 billion is set to be disbursed across 20 other projects currently at various stages of approval under the same initiative.
He described the fund as a major step forward in fostering collaboration and driving the growth of Nigeria’s industrial sector. “This agreement highlights a fundamental truth: we cannot transform Nigeria’s industrial landscape in isolation. Sustainable economic growth can only be achieved through collaboration, innovation, and a collective commitment to overcoming systemic challenges,” Olusi said.
The BOI Managing Director further emphasized that the fund is part of a broader strategy to support the development of Small and Medium Enterprises (SMEs) through strategic partnerships. He noted that the bank has been working closely with private sector organizations to streamline processes and ensure the effective delivery of its loan programs.
In October 2024, BOI launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. This initiative is designed to empower Nigeria’s small business sector by offering 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 BOI representative, described the fund as a critical support system 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), hailed the initiative as a “beacon of hope” for MSMEs, emphasizing its potential to stimulate economic growth, create jobs, and foster innovation. Vongfa also announced that NASSI is committed to educating business owners on how to access the loans, with plans to hold workshops, seminars, and outreach programs across all 36 states.
