Intervention fund: 29 manufacturers benefit N22.89bn from BOI

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

Its Managing Director, Dr Olasupo Olusi, made this known on Monday at the first BOI interactive session with the Organised Private Sector in Abuja, which was monitored virtually.

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

He said that the interactive session was a collaborative milestone, a reflection of shared vision to create a thriving industrial sector.

 

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According to him, it is also a critical step in driving Small and Medium Enterprises (SME) development through strategic partnerships.

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

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

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

The BOI MD said that under the signed agreement, the bank had already begun making strides through joint efforts on the Federal Government’s loans programme.

He said that the event, with the theme, “Driving SME Development through Strategic Partnerships” challenged everyone to reimagine how we work together.

Olusi said in practice, this meant shared responsibility as the bank’s role was not only to provide financing but also to support an enabling environment for businesses to thrive as is the case with the 29 manufacturers whose operations have been positively affected.

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

“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,” he said.

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

He listed them to 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.

“The Bank of Industry stands as your partner in progress, ready to support at every step of the way as together we have the potential to transform Nigeria’s economic landscape,” he said.