Olasupo Olusi, managing director of the Bank of Industry (BOI), addressed attendees at the bank’s inaugural public lecture in Abuja on Wednesday. He highlighted ongoing efforts to support local manufacturers through a N75 billion federal government fund. Despite the recent delay in disbursing support funds, as stated by Budget and Economic Planning Minister Atiku Bagudu, Olusi confirmed that BOI has begun allocating loans to qualified applicants.
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The BOI has launched a loan program specifically for micro, small, and medium enterprises (MSMEs), offering up to N1 million at single-digit interest rates. Currently, the bank is reviewing over 211,000 applications and has started disbursing funds to eligible businesses. To enhance inclusivity, BOI plans to set up business clinics in all 36 states and the Federal Capital Territory, aimed at improving application quality.
Olusi emphasized the dual focus of the bank: while supporting MSMEs crucial for job creation and economic growth, BOI is also advancing its initiatives for large manufacturing enterprises. Collaborating with the Manufacturers Association of Nigeria, BOI seeks to ensure transparency by verifying loan applicants. Vice-President Kashim Shettima recently reiterated the government’s commitment to bolster the manufacturing sector through this financial support.
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