Nigeria: Bank of Industry Disburses N22.89 Billion to Boost Manufacturing Sector

The Bank of Industry (BOI) has announced the disbursement of N22.89 billion from its N75 billion manufacturing sector intervention fund to 29 manufacturers. This significant financial boost was disclosed by the Managing Director, Dr. Olasupo Olusi, during the first BOI interactive session with the Organised Private Sector in Abuja, which was also monitored virtually.

Dr. Olusi highlighted that, aside from the disbursed amount, an additional 20 projects valued at N6.3 billion are at various stages of disbursement. He emphasized that the interactive session symbolizes a collaborative milestone and reflects a shared vision to cultivate a thriving industrial sector. It is a crucial step towards driving Small and Medium Enterprises (SME) development through strategic partnerships.

“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,” Dr. Olusi stated.

Under the signed agreement, BOI has already begun making strides through joint efforts on the Federal Government’s loans programme. The event, themed “Driving SME Development through Strategic Partnerships,” encouraged all participants to reimagine how they can work together. Dr. Olusi explained that the bank’s role extends beyond financing to supporting an enabling environment for businesses to thrive by addressing infrastructure gaps, regulatory bottlenecks, and market access.

“We must work together to introduce technology, sustainability, and skills development as core pillars of SME growth. We are concerned about your most pressing challenges, your operations, and how we can further align our programmes with your needs to accelerate growth,” Dr. Olusi added.

He urged the organised private sector to keep in mind the six thematic areas of impact that BOI focuses on in line with President Bola Ahmed Tinubu’s renewed Hope Agenda. These areas include MSME development, digital transformation, youth and skills development, climate and sustainability, gender inclusion, and sectoral growth.

“These are not just BOI’s priorities; they are national imperatives and they require your active participation to succeed. The Bank of Industry stands as your partner in progress, ready to support you at every step of the way as we collectively have the potential to transform Nigeria’s economic landscape,” Dr. Olusi concluded.