The Financial institution of Business (BOI) says that it has disbursed N22.89 billion to 29 producers underneath the Federal Authorities’s N75 billion Manufacturing Sector Intervention Fund.
Olasupo Olusi, BOI managing director, made this announcement throughout an interactive session with the Organised Non-public Sector in Abuja.
Olusi disclosed that a further 20 initiatives, valued at N6.3 billion, are presently in varied phases of disbursement underneath the identical initiative.
He described the interactive session as a major milestone in fostering collaboration and advancing the nation’s industrial sector.
“This settlement underscores a easy reality that we can not remodel Nigeria’s industrial panorama alone. The journey to sustainable financial development should be fueled by collaboration, innovation, and a shared resolve to deal with systemic challenges,” he said.
Olusi highlighted that the fund is an element of a bigger effort to drive the event of Small and Medium Enterprises (SMEs) by means of strategic partnerships.
He mentioned the financial institution has been working intently with personal sector organisations to streamline processes and make sure the efficient supply of its mortgage programms.
In October 2024, BOI launched its software portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund, aimed toward empowering Nigeria’s small enterprise sector. The initiative provides loans of as much as N1 million to MSMEs at a aggressive 9% rate of interest for a three-year time period, with no collateral necessities.
Amina Habu Mohammed, a BOI consultant, described the fund as a vital assist mechanism to deal with the credit score challenges confronted by small companies in Nigeria.
Solomon Vongfa, nationwide president of the Nigerian Affiliation of Small Scale Industrialists (NASSI), recommended the initiative as a ‘beacon of hope’ for MSMEs, emphasising its potential to spur financial development, create jobs, and foster innovation.
To make sure the fund’s success, he mentioned NASSI has dedicated to educating enterprise homeowners on easy methods to entry the loans by means of workshops, seminars, and outreach packages in all 36 states.