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, aimed at revitalizing Nigeria’s industrial landscape.
Speaking at an interactive session with the Organised Private Sector in Abuja, Olasupo Olusi, Managing Director of BOI, highlighted the significance of this initiative. He revealed that an additional 20 projects worth N6.3 billion are currently at various stages of disbursement.
“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,” Olusi stated.
The fund also complements BOI’s broader efforts to support Small and Medium Enterprises (SMEs). In October 2024, BOI launched an application portal for the N75 billion MSME Loan Intervention Fund. This initiative offers loans of up to N1 million at a competitive 9% interest rate for three years, requiring no collateral.
Amina Habu Mohammed, a Bank Of Industry representative, described the fund as a pivotal step in overcoming credit challenges faced by Nigeria’s small businesses.
Solomon Vongfa, National President of the Nigerian Association of Small Scale Industrialists (NASSI), lauded the initiative as a “beacon of hope” for MSME Loan. He emphasized its potential to spur economic growth, create jobs, and foster innovation. NASSI has pledged to educate business owners on accessing these loans through workshops, seminars, and outreach programs across Nigeria’s 36 states.
The initiative underscores Bank Of industry’s commitment to driving economic transformation by fostering collaboration between the public and private sectors.