29 companies get N22.89b from manufacturing intervention fund

The Bank of Industry (BOI) said it has disbursed N22.89 billion to 29 manufacturers from the N75 billion intervention fund for the sector.

This was disclosed by the BOI Managing Director, Dr Olasupo Olusi, during the first BOI interactive session with the organised private sector in Abuja.

Olusi said the interactive session was organised to enable stakeholders to reflect on ways to create a thriving industrial sector and boost micro, small and medium enterprise (MSME) performance.

He noted that the N22.89 billion disbursed to 29 manufacturers was part of the N75 billion manufacturing sector intervention fund. According to him, 20 other projects valued at N6.3 billion are at different stages of disbursement.

He also called for collaboration between MSMEs and the government, noting that it would help to achieve growth and address systemic challenges.

Emphasising the need for improved collaboration, he said the bank recently signed a memorandum of understanding (MOU) with several business associations, underscoring the fact that it cannot transform Nigeria’s industrial landscape alone.

He said the journey to sustainable economic growth must be fuelled by collaboration, innovation and shared resolve to address systemic challenges.

Olusi noted that the bank’s role goes beyond providing financing, to include supporting an enabling environment for businesses to thrive. This includes addressing infrastructure gaps, regulatory bottlenecks and access to markets, he said.

“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 added.