The Nigeria Association of Small Scale Industrialists (NASSI) has secured a N75 billion loan from the Bank of Industry (BOI) to support its members in growing their businesses. The agreement was formalized through a memorandum of agreement signed by NASSI’s National President, Chief Dr. Solomon Daniel Vonfa, and the Managing Director of BOI, Dr. Olasupo Olusi.
Speaking on the initiative, NASSI’s National Treasurer, Dr. Abubakar Tanko Bala, revealed that the loan program is structured in a three-tier system. Large-scale industrialists will receive the first portion of the N75 billion, followed by small and medium-sized enterprises (SMEs) who will benefit from the same amount. Additionally, local entrepreneurs under the Nano Program will receive N50 billion in support.
Dr. Bala praised the BOI’s dedication to ensuring the smooth implementation of the loan scheme, including providing a detailed schedule of businesses that will benefit. He also noted that NASSI is committed to raising awareness and offering guidance to small business owners across Nigeria, helping them improve operations and maximize the loan’s impact.
“This initiative is a testament to President Bola Ahmed Tinubu’s efforts to address economic challenges and provide meaningful support to struggling Nigerians,” Dr. Bala stated.
NASSI urged its members nationwide, including those in the Federal Capital Territory, to participate in the program to enhance their businesses and contribute to the country’s economic development. Dr. Bala expressed confidence that beneficiaries would use the loans effectively and ensure timely repayments, helping to sustain the initiative’s long-term success.
