BOI Allocates N22.89 billion to 29 Manufacturers

The Bank of Industry has announced the disbursement of N22.89 billion from the N75 billion manufacturing sector intervention fund to 29 manufacturers across Nigeria.

During the first interactive session in Abuja, titled “Driving SME Development through Strategic Partnerships,” Dr. Olasupo Olusi, the bank’s managing director, highlighted the bank’s commitment to empowering Small and Medium Enterprises (SMEs) through focused initiatives in collaboration with the organized private sector. Olusi emphasized that the session aimed to engage stakeholders in discussions on fostering a thriving industrial sector and supporting the growth of Small and Medium Enterprises (SMEs).

He also revealed that an additional 20 projects, totaling N6.3 billion, are currently in various stages of disbursement under the same fund. Olusi referred to the interactive session as a key move towards strengthening partnerships and addressing the core issues facing the manufacturing and SME sectors.

According to him, “This is a collaborative milestone, a reflection of our shared vision to create a thriving industrial sector. The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges.”

Dr. Olusi emphasized the critical role of partnerships in reshaping Nigeria’s industrial landscape. He stated, “Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations. This agreement underscores the 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 presented BOI’s all-encompassing approach to SME development, which includes addressing infrastructure deficits, streamlining regulations, and improving market access. He also emphasized the need to focus on technology, sustainability, and skills development as essential elements for SME growth. Furthermore, he highlighted that the bank’s role goes beyond just offering financial support, aiming to foster a conducive environment for business success by tackling issues related to infrastructure, regulation, and market access.

The BOI Managing Director highlighted that the bank’s strategic focus supports President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasizes key areas such as MSME development, digital transformation, youth and skills development, climate sustainability, gender inclusion, and sectoral growth. He stressed that these priorities are national imperatives and require active participation to succeed.