We’ve disbursed over N22bn to 29 manufacturers, says BoI MD

The Bank of Industry (BOI) says it has disbursed N22.89 billion out of the N75 billion manufacturing sector intervention fund to 29 manufacturers.

Olasupo Olusi, managing director, spoke on Monday at the first BOI interactive session with the organised private sector in Abuja.

Olusi said out of the N75 billion manufacturing sector fund, about 20 projects valued at N6.3 billion are at different stages of disbursement.

“Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations,” he said.

“This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone.

“The journey to sustainable economic growth must be fuelled by collaboration, innovation, and a shared resolve to address systemic challenges.”

Olusi said under the signed agreement, the bank has started making strides through joint efforts on the federal government’s loans programme.

He said the event, themed, ‘Driving SME Development through Strategic Partnerships’, challenges everyone to “reimagine how we work together”.

This, the BOI MD said, entails shared responsibility –noting that the bank’s role is to provide financing and also support an enabling environment for businesses to thrive.

“This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets,” he said.

“However, your expertise and insights are essential to inform these efforts.

“On collaborative innovation, we must work together to introduce technology, sustainability, and skills development as core pillars 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.”

Olusi urged the organised private sector to remember the six thematic areas of impact that the BOI is focused on, in line with President Bola Tinubu’s renewed Hope Agenda.

He said the focus areas include: 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,” he added.

Olusi also said the bank stands as a partner in progress, “ready to support at every step of the way as together we have the potential to transform Nigeria’s economic landscape”.

On November 6, Temitola Adekunle-Johnson, the senior special assistant to the president on job creation and MSMEs, announced the commencement of the disbursement of N75 billion single-digit loan to micro, small, and medium enterprises (MSMEs) through the BOI.