The Federal Government and the Bank of Industry (BOI) have disbursed N22.89 billion to 29 manufacturing companies under the N75 billion Manufacturing Sector Intervention Fund.
BOI Managing Director, Olasupo Olusi, disclosed this during an interactive session with the Organised Private Sector in Abuja. He also revealed that an additional 20 projects, worth N6.3 billion, are in various stages of disbursement under the same initiative.
“This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone. Sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges,” Olusi stated.
The fund aims to strengthen Small and Medium Enterprises (SMEs) through strategic partnerships. BOI has streamlined processes to ensure effective loan delivery, fostering collaboration between public and private sectors.
In October 2024, BOI launched a portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund, offering loans of up to N1 million at 9% interest over three years without collateral.
Amina Habu Mohammed, a BOI representative, described the fund as a crucial mechanism to address credit access challenges for small businesses. Solomon Vongfa, President of the Nigerian Association of Small Scale Industrialists (NASSI), commended the initiative as a ‘beacon of hope’ for MSMEs, citing its potential to spur economic growth, create jobs, and encourage innovation.
NASSI has committed to educating business owners on accessing the loans through workshops, seminars, and outreach programs nationwide.
