The Bank of Industry (BOI) has disbursed ₦22.89 billion to 29 manufacturing companies under the Federal Government’s ₦75 billion Manufacturing Sector Intervention Fund.

BOI Managing Director Olasupo Olusi disclosed this during an interactive session with members of the Organised Private Sector in Abuja.

Olusi revealed that an additional 20 projects, worth ₦6.3 billion, are at various stages of disbursement under the same initiative.

He described the fund as a critical milestone in fostering collaboration and driving the development of Nigeria’s industrial sector.

“This agreement underscores a simple truth: we cannot transform Nigeria’s industrial landscape alone. Achieving sustainable economic growth requires collaboration, innovation, and a shared commitment to overcoming systemic challenges,” he said.

Olusi explained that the fund forms part of broader efforts to support Small and Medium Enterprises (SMEs) through strategic partnerships. He noted that BOI has been working with private sector organisations to streamline processes and ensure effective delivery of its loan programmes.

In October 2024, BOI launched its application portal for the ₦75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. This initiative provides loans of up to ₦1 million to MSMEs at a competitive interest rate of 9% per annum for a three-year term, with no collateral requirements.

Amina Habu Mohammed, a BOI representative, described the fund as a vital support mechanism to address the credit challenges faced by small businesses in Nigeria.

Solomon Vongfa, National President of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative, calling it a “beacon of hope” for MSMEs. He emphasised its potential to spur economic growth, create jobs, and foster innovation.

To ensure the initiative’s success, NASSI has committed to educating business owners on how to access the loans through workshops, seminars, and outreach programmes in all 36 states.