…targets SMEs for strategic growth
The Bank of Industry (BOI) has announced the disbursement of N22.89 billion out of the N75 billion manufacturing sector intervention fund to 29 manufacturers across Nigeria.
The bank’s managing director, Dr Olasupo Olusi, made this revelation on Tuesday in Abuja at its first interactive session with the organised private sector, streamed online.
Dr Olusi also disclosed that an additional 20 projects, valued at N6.3 billion, were at various stages of disbursement under the same fund.
He described the interactive session as a significant step toward fostering collaboration and addressing systemic challenges in the manufacturing and SME sectors.
“This is a collaborative milestone, a reflection of our shared vision to create a thriving industrial sector. The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges,” Dr. Olusi said.
The interactive session, themed “Driving SME Development through Strategic Partnerships,” underscored the bank’s commitment to empowering Small and Medium Enterprises (SMEs) through targeted initiatives.
Dr Olusi emphasised the importance of partnerships in transforming Nigeria’s industrial landscape.
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“Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations. This agreement underscores a simple truth: we cannot transform Nigeria’s industrial landscape alone. The bank’s role is not only to provide financing but also to support an enabling environment for businesses to thrive,” he explained.
Dr Olusi outlined BOI’s comprehensive approach to SME development, which includes bridging infrastructure gaps, easing regulatory bottlenecks, and improving market access. He also highlighted the importance of incorporating technology, sustainability, and skills development as cornerstones of SME growth.
“We are concerned about your most pressing challenges, your operations, how we can further align our programmes with your needs, and the innovative solutions we can pursue together to accelerate growth,” Dr Olusi stated.
The BOI Managing Director emphasised that the bank’s strategic focus aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, with six thematic areas of impact, including 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 at every step of the way as together we have the potential to transform Nigeria’s economic landscape,” he added.
Manufacturers at the event expressed optimism about the intervention fund, with many highlighting its potential to address long-standing challenges in the sector.