BoI disburses ₦77bn loans to 1,000 MSMEs in 2024
The Managing Director of the Bank of Industry, Olusupo Olusi, has revealed that so far in 2024, the bank has disbursed over ₦77 billion in loans to Micro, Small and Medium Enterprises in the country.
Olusi made the disclosure in Abuja on October 2, at the BoI inaugural public lecture series with the theme ‘Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria’.
The event also coincides with the unveiling of the BoI’s price intelligence platform.
He said, “So far this year, the bank has supported MSME across the country through the disbursement of loans totalling about N77.65 billion.
“These loans were given to almost 1,000 MSMEs across the country to enable them to boost their operations.
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“The bank has also recently signed a partnership agreement with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to provide N1 billion fund at a single-digit interest rate to Nano and Micro Enterprises in Nigeria.
“Under the partnership, Nano and Micro enterprises will access a maximum of N1.5 million and N2.5 million, respectively, at a single-digit interest of 7.5% for working capital and 5% for term loan, with a duration of 24 months.
“The bank was also appointed as the executing agency for the federal government’s N200 billion Presidential Intervention Fund for enterprises.
“The presidential grants programme aimed to disburse N50,000 grants to 1 million Nano business owners, ensuring equitable distribution of these grants across the 774 local governments of the country.
“Under this programme, the sum of N37.9 billion has been disbursed to 758,197 beneficiaries across 774 local governments in the country.
“We are working with state governors through their state focal persons to complete our 1 million target,” he further explained.
Speaking on the impact of BoI’s intervention on economic growth and job creation, the MD further stated that “Efforts to support large production enterprises is also progressing under the N75 billion FGN Manufacturing Sector Fund.
“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates.”
Also speaking, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, noted that the “Unveiling of the BOI price intelligence platform (PriceSenseNG) is another bold step in enhancing transparency and accountability in the food commodity market.
“Through this, we will provide real-time insights into price trends, help stabilise markets, protect consumers, and inform policy decisions aimed at addressing food insecurity,” she stated.
Proofreading and Editing by Gift Luckson and Hafsat Aleeyu Muye, Editor at Neptune Prime
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