BoI raises $1.1bn to support MSMEs

The Bank of Industry has raised a €1bn (about $1.11bn) medium-term syndicated facility from the international capital market to support micro, small, medium and large enterprises across key sectors of the Nigerian economy.

With the successful conclusion of this transaction, the BoI is poised to catalyse domestic production and job creation on a transformational scale, enhance local industry competitiveness, and attract domestic and foreign investments.

The move would also assist the bank integrate local industries into domestic, regional and global value chains;  grow export earnings and positively impact the overall economic development of Nigeria in line with its mandate.

In 2019, the BoI with the support of its various stakeholders disbursed a total of N234bn to 10,145 enterprises, thus creating over one million estimated direct and indirect jobs.

According to the statement from the BoI, it said that the new facility was in line with the Federal Government’s plan to revitalise Nigeria’s industrial sector and create 10 million jobs.

This, it said, would be achieved by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan.

It said African Export-Import Bank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation were the Joint Mandated Lead Arrangers, Underwriters and Book runners of the syndicated medium-term facility.