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. This was revealed by Olasupo Olusi, the Managing Director of BOI, during a meeting with the Organised Private Sector in Abuja.
Olusi also announced that an additional 20 projects, worth N6.3 billion, are in various stages of disbursement under the same initiative. He described the fund as a major step toward strengthening collaboration and revitalizing Nigeria’s industrial sector.
This initiative highlights the reality that transforming Nigeria’s industrial landscape requires collective effort. Sustainable economic growth depends on innovation, collaboration, and a shared determination to tackle systemic challenges,” Olusi stated.
He emphasized that the intervention fund is part of broader efforts to support Small and Medium Enterprises (SMEs) through strategic partnerships with private sector stakeholders.
To enhance access to funding, BOI launched an application portal in October 2024 for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. This program provides loans of up to N1 million to small businesses at a 9% interest rate for a three-year term, without requiring collateral.
Amina Habu Mohammed, a representative of BOI, described the fund as a vital tool to address the credit challenges faced by small businesses, while Solomon Vongfa, the National President of the Nigerian Association of Small Scale Industrialists (NASSI), hailed it as a game-changer for MSMEs.
Vongfa noted that the initiative has the potential to drive economic growth, create jobs, and inspire innovation. To support its success, NASSI has pledged to educate entrepreneurs on accessing the loans through workshops, seminars, and outreach programs across the country’s 36 states.
