Twenty-nine manufacturers have received N22.89 billion from the Nigerian government’s N75 billion Manufacturing Sector Intervention Fund.
This was revealed by Bank of Industry (BOI) managing director Olasupo Olusi at a dialogue with the organised private sector in Abuja.
Olusi revealed that 20 other projects totalling N6.3 billion are presently being funded under the same program at different phases.
He called the fund an important step towards promoting cooperation and developing the nation’s industrial sector.
“This agreement emphasises the obvious fact that we cannot change Nigeria’s industrial landscape on our own. The pursuit of sustainable economic growth necessitates cooperation, creativity, and a common determination to tackle systemic issues,” he said.
Olusi emphasised that the fund is a component of a broader initiative to promote the growth of SMEs through strategic alliances.
According to him, the bank has been collaborating closely with businesses in the private sector to optimise procedures and guarantee the successful execution of its lending initiatives.
To strengthen Nigeria’s small business community, BOI opened its application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund in October 2024. The programme provides MSMEs with loans up to N1 million with no collateral requirements and a competitive 9% interest rate for three years.
According to BOI spokesperson Amina Habu Mohammed, the fund is an essential tool for addressing the credit issues that Nigerian small businesses face.
The Nigerian Association of Small Scale Industrialists (NASSI) national president, Solomon Vongfa, praised the effort as a “beacon of hope” for MSMEs, highlighting its capacity to promote innovation, job creation, and economic progress.
“NASSI has committed to educating business owners on how to access the loans through workshops, seminars, and outreach programs in all 36 states,” he hinted, adding that this will help assure the fund’s success.
