BoI approves $1bn syndicated loan for MESMEs 

The Bank of Industry (BoI) has approved a $1 billion syndicated loan to support the micro, small and medium enterprises (MSMEs) as part of government’s economic recovery efforts.
   
BOI in partnership with an international organisation has concluded plans for the immediate release of the loan under the supervision of the Federal Ministry of Industry, Trade and Investment.
  
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said the loan is expected to improve the capacity of the bank to effectively support MSME across key sectors of the economy on medium to long-term tenor arrangements.
   
Adebayo disclosed this on Monday at the Quantum Mechanics Limited MSME Survival Fund Capacity Building Programme in Abuja.
   
In a statement signed by his media aid, Ifedayo Sanyo in Abuja, the Minister assured that there is an ongoing discussion with Dunn & Bradstreet to establish an SME risk rating agency.
   
He noted: “I will like to reiterate that our Ministry fully supports MSMEs, as demonstrated by our MSME Survival Fund Initiative which was launched in the wake of the COVID-19 Pandemic by the Federal Government as part of the Nigerian Economic Sustainability Plan (NESP); aimed at protecting MSME businesses from the shocks of the pandemic.”