BOI Aims to Enhance Industrial Growth Through Strategic Funding
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. This revelation came during an interactive session with the Organised Private Sector in Abuja, led by BOI Managing Director Olasupo Olusi.
Ongoing Disbursements and Future Projects
Olusi further disclosed that an additional N6.3 billion is currently being allocated to 20 other manufacturing projects at various stages of funding. He emphasized the fund’s role as a “significant milestone” in the collaborative efforts to advance Nigeria’s industrial sector.
Collaboration for Sustainable Economic Growth
Highlighting the necessity of teamwork, Olusi stated, “The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges.” The initiative is designed not just to finance but also to foster partnerships that drive SME development.
Support for MSMEs Through New Initiatives
In a move to support micro, small, and medium enterprises, BOI in October 2024 introduced an application portal for another segment of the fund, targeting MSMEs with loans up to N1 million at a 9% interest rate over three years, without needing collateral. Amina Habu Mohammed, representing BOI, described this as a vital tool to overcome credit obstacles for small businesses.
Community and Educational Efforts
Solomon Vongfa, head of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative, calling it a “beacon of hope” for MSMEs. He stressed its potential to stimulate economic growth, employment, and innovation. To maximize the impact of these funds, NASSI has pledged to conduct educational programs across all 36 states to guide business owners on loan access.
This strategic disbursement by BOI underscores a commitment to not only financial support but also to fostering an ecosystem where businesses can thrive through knowledge, collaboration, and accessible funding.
