The Bank of Industry (BOI) has successfully distributed N5.3 billion to 41,000 beneficiaries as part of the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program. At the NG-CARES Stakeholders Engagement Workshop for States and Partners, Dr. Olasupo Olusi, the Managing Director of BOI, highlighted the initiative’s purpose, emphasizing the expansion of access to livelihood support, food security services, and grants for vulnerable households and firms.
The NG-CARES Programme is structured around three Result Areas and eleven Disbursement Linked Indicators, providing flexibility for selection by participating states. Presently, 28 states have partnered with the Bank of Industry to implement this initiative.
Representing the BOI MD at the event, Mr. Omar Shekarau, the Executive Director for Small and Medium Enterprises, reiterated the bank’s commitment to sustaining the program’s positive impact on the Nigerian economy. He highlighted the successful disbursement of N5.3 billion to beneficiaries and affirmed the bank’s dedication to ensuring that critical partners benefit from its intervention programs.
Dr. Olusi underscored BOI’s substantial support for Micro, Small, and Medium Enterprises (MSMEs), revealing that the bank had allocated N308 billion to support 4.4 million MSMEs and created over nine million jobs across Nigeria. He encouraged stakeholders to utilize the BOI’s nationwide offices and engage with its activities for mutual benefit, emphasizing the need to collaborate for Nigeria’s development, which would subsequently uplift West Africa and Africa.
Mabel Ndagi, the Executive Director of the Micro Enterprises Department, highlighted the ongoing successful partnerships with 28 states and emphasized the workshop’s importance in reinforcing the bond between BOI and its state partners. Ndagi reiterated BOI’s commitment to offering technical support through leveraging appropriate technology.
Aso Vakporaye, the Chairman of the Federal CARES Technical Committee, stressed the importance of poverty reduction in Nigeria for combating rising insecurity. He commended the program’s achievements in reducing poverty and crime in the country and expressed optimism that BOI’s efforts would significantly alleviate poverty levels in the nation over the next five years, potentially serving as a model for other African countries.
