Source: Daily Trust
The Bank of Industry (BOI) has announced the distribution of loans totaling approximately N77.65 billion to nearly 1,000 Micro, Small, and Medium Enterprises (MSMEs) throughout Nigeria. This initiative is intended to help MSMEs improve their operations, promote job creation, and contribute to the nation’s economic development.
During the bank’s first-ever public lecture series, themed “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Ensuring Food Security in Nigeria,” the Managing Director/CEO of BOI, Dr. Olasupo Olusi, reaffirmed the bank’s dedication to supporting MSMEs beyond just financial assistance. BOI seeks to foster a conducive environment by offering access to capacity-building initiatives, promoting technological advancements, and connecting businesses to both local and international markets.
Key Takeaways:
- MSME Support:
BOI’s financing extends across diverse industries, benefiting businesses ranging from palm kernel oil processors to local furniture makers. This initiative aligns with President Bola Tinubu’s renewed hope agenda, which focuses on six areas: MSMEs, the Digital Economy, Youth & Skills Development, Climate and Sustainability, Infrastructure, and Gender Inclusion. - New Initiatives:
BOI has introduced several significant initiatives, including:
– The BOI Journal of Development Finance, a technical publication that offers policy insights based on research findings.
– The BOI Journal of Development Review, which focuses on MSME development policies in Nigeria and across Africa.
– The BOI PriceSense NG, a real-time price intelligence platform for monitoring food commodity price fluctuations throughout Nigeria. - Loan Programs:
– ₦1 billion Fund for Nano and Micro Enterprises: In collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), BOI offers loans of up to ₦2.5 million at low-interest rates (7.5% for working capital and 5% for term loans).
– N75 billion Loan Program for MSMEs: This program provides up to ₦1 million per business at single-digit interest rates. BOI is currently reviewing 211,248 applications and has already begun disbursing funds to eligible businesses.
These efforts are part of BOI’s larger mission to empower MSMEs, promote inclusive economic development, alleviate poverty, and improve food security in Nigeria. Through this support, BOI aims to drive innovation, reduce poverty levels, and help build a more sustainable economy.
For MSMEs, this means improved access to financing, greater capacity for growth, and increased involvement in the national economy.
