The Bank of Industry (BOI) has announced the disbursement of loans amounting to approximately N77.65 billion to nearly 1,000 Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. This initiative is designed to help MSMEs enhance their operations, promote job creation, and boost the country’s overall economic growth.
Speaking at the bank’s inaugural public lecture series themed “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and food security in Nigeria,” the Managing Director/CEO of BOI, Dr. Olasupo Olusi, emphasized the bank’s commitment to supporting MSMEs beyond financial aid. The BOI aims to create a nurturing environment by providing access to capacity-building programs, promoting technological innovation, and connecting businesses to both domestic and international markets.
Key Highlights:
1. MSME Support:
BOI’s financing extends across various sectors, benefiting businesses from palm kernel oil processors to local furniture makers. This effort aligns with President Bola Tinubu’s renewed hope agenda, targeting six thematic areas: MSMEs, Digital Economy, Youth & Skills, Climate and Sustainability, Infrastructure, and Gender.
2. New Initiatives:
BOI also launched several key initiatives:
– The BOI Journal of Development Finance, a technical publication that provides policy recommendations based on research findings.
– The BOI Journal of Development Review, which focuses on MSME development policies in Nigeria and Africa.
– The BOI PriceSense NG, a real-time price intelligence dashboard for monitoring food commodity price variations across Nigeria.
3. Loan Programs:
– ₦1bn Fund for Nano and Micro Enterprises: In partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), BOI is offering loans of up to ₦2.5 million at single-digit interest rates (7.5% for working capital and 5% for term loans).
– N75bn Loan Program for MSMEs: Aimed at providing up to ₦1 million per enterprise at single-digit interest rates. BOI is currently processing 211,248 applications and has already begun disbursing funds to qualified businesses.
These measures are part of BOI’s broader mission to empower MSMEs, promote inclusive economic growth, alleviate poverty, and enhance food security in Nigeria. By supporting businesses, BOI aims to drive innovation, reduce poverty, and help build a more sustainable economy.
For MSMEs, this support translates to better access to financing, enhanced capacity for growth, and stronger participation in the national economy.
