The Federal Government and the Bank of Industry (BOI) have disbursed N22.89 billion to 29 manufacturers under the N75 billion Manufacturing Sector Intervention Fund.
This initiative aims to drive the development of the manufacturing sector and promote economic growth.
According to Olasupo Olusi, BOI’s managing director, the fund is a significant milestone in fostering collaboration and advancing the country’s industrial sector. “This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone,” he stated.
In addition to the disbursed funds, 20 more projects valued at N6.3 billion are currently in various stages of disbursement under the same initiative.
The BOI has also launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund, which offers loans of up to N1 million to MSMEs at a competitive 9% interest rate for a three-year term, with no collateral requirements.
The initiative has been commended by stakeholders, including Solomon Vongfa, national president of the Nigerian Association of Small Scale Industrialists (NASSI), who described it as a ‘beacon of hope’ for MSMEs.
The NASSI has committed to educating business owners on how to access the loans through workshops, seminars, and outreach programs in all 36 states.
