The Bank of Industry (BOI) has announced that 140 manufacturing companies across Nigeria will receive loans of up to ₦1 billion each under the Federal Government’s ₦75 billion Manufacturing Sector Fund. These loans, offered at single-digit interest rates, are part of a broader initiative aimed at bolstering Nigeria’s industrial capacity and economic growth.
Olasupo Olusi, Managing Director and CEO of BOI, shared this during the Bank’s inaugural annual public lecture series. He revealed that the funds have already been fully allocated to successful applicants across Nigeria’s six geopolitical zones, with disbursements now in progress.
“About 140 manufacturing companies will receive loans of up to ₦1 billion at single-digit interest rates,” Olusi stated. “For transparency, we are working with the Manufacturers Association of Nigeria (MAN) to ensure that all beneficiaries are real manufacturers.”
This initiative is designed to address the challenges faced by Nigeria’s manufacturing sector, which is vital for economic development. By offering low-interest loans, BOI aims to boost production, create jobs, and promote sustainable industrial growth.
Olusi also highlighted the bank’s additional support for Micro, Small, and Medium Enterprises (MSMEs). “So far this year, we have disbursed ₦77.65 billion in loans to nearly 1,000 MSMEs across the country, helping businesses in sectors like palm kernel oil processing and furniture making,” he said. This aligns with the government’s goals to alleviate poverty and enhance food security by supporting enterprises that drive economic growth.
As part of President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” the BOI is prioritizing key areas such as MSMEs, the digital economy, youth development, climate sustainability, and gender equality. The bank’s efforts are centered on job creation, building a greener economy, and boosting overall economic growth.
To further enhance market transparency, the BOI launched the BOI PriceSense NG platform, a real-time price intelligence dashboard. This platform will monitor price variations in food commodities across Nigeria, contributing to market stability and helping to address food insecurity.
Finance Minister Wale Edun, represented by Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), reaffirmed the government’s commitment to increasing its equity stake in the BOI. “The Minister of Finance is committed to working with BOI to increase its equity base, allowing for the mobilization of more funds to support productivity across various sectors,” Takang stated.
Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, praised BOI’s efforts in supporting MSMEs and emphasized the importance of initiatives like the PriceSense platform in addressing inflation and promoting food security. “In light of global food security challenges, initiatives like the Price Intelligence Platform are crucial. We fully support BOI’s mandate to assist MSMEs,” she added.
This strategic focus on industrial growth, MSME development, and market transparency underscores BOI’s pivotal role in driving Nigeria’s economic future.
