Intervention Fund: BOI disburse N22.89 billion to 29 manufacturers

The Bank of Industry says it has disbursed N22.89 billion out of the N75 billion manufacturing sector intervention fund to 29 manufacturers. Its managing director, Olasupo Olusi, made this known at the first BOI interactive session with the Organised Private Sector in Abuja. Mr Olusi said that out of the N75 billion manufacturing sector fund, the other 20 projects valued at N6.3 billion were at different stages of disbursement. He added that the interactive session was a collaborative milestone reflecting a shared vision to create a thriving industrial sector.
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 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 chief said under the signed agreement, the bank had already begun making strides through joint efforts on the Federal Government’s loans programme.
Mr Olusi said that, in practice, this meant shared responsibility, as the bank’s role was to provide financing and support an environment that enabled businesses to thrive. Mr 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 as MSME development, digital transformation, youth and skills development, climate and sustainability, gender inclusion, and sectoral growth. (NAN)