The Bank of Industry (BOI) has reported the disbursement of N77.65 billion in loans within the first nine months of 2024 to support medium, small, and micro-enterprises (MSMEs) across Nigeria. This financial assistance has benefited nearly 1,000 MSMEs, helping them to enhance their operations and productivity, thereby contributing to the country’s economic growth.
Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of the BOI, shared these figures during the 2024 BOI Annual Public Lecture Series in Abuja, which focused on the theme “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria.”
In addition to the support for MSMEs, Olusi announced that 140 local manufacturers would receive loans of up to N1 billion each under the Federal Government’s N75 billion Manufacturing Sector Fund. These loans, provided at single-digit interest rates, aim to bolster large production enterprises and stimulate economic growth by enhancing industrial capacity.
Although Olusi did not disclose the specific amounts allocated to each manufacturer, he confirmed that the funds have been fully distributed to successful applicants across Nigeria’s six geopolitical zones, with disbursements currently underway.
Olusi highlighted the critical role of MSMEs in Nigeria’s economy, noting that they account for approximately 97 percent of all businesses and contribute significantly to employment and GDP. He pointed out that these enterprises often face challenges such as limited access to finance, difficult operating conditions, and infrastructure deficits, which must be addressed to alleviate poverty and ensure food security.
The BOI is committed to fostering sustainable growth by offering capacity-building programs, promoting technological innovation, and facilitating connections between businesses and domestic and international markets.
Additionally, the bank recently launched the Rural Area Programme on Investment for Development to assist MSMEs in rural areas, offering loans at an inclusive interest rate of 5 percent to enhance their operational capabilities and contribute to national economic development.
