The Nigerian government has so far set aside N22.89 billion to 29 manufacturing businesses through the Bank of Industry (BOI) as part of the N75 billion Manufacturing Sector Intervention Fund, BOI Managing Director, Olasupo Olusi has said during a dialogue with the organized private sector in Abuja. 

Olusi added that 20 other projects, worth N6.3 billion, are now being financed at different stages within the same funding package. According to him, the fund is an essential step toward fostering cooperation and growing the country’s industrial capacity. “This deal serves to highlight the fact that there is no way Nigeria can industrialize its economy in silos. Economic growth that lasts needs collaboration, innovation, and a joint effort to deal with systemic problems,” Olusi said. 

According to the BOI managing director, the fund falls under a comprehensive plan to promote small and medium-sized enterprises through partnerships. The managing director says that in ensuring its financing programmes are effectively implemented, the BOI has engaged private sector businesses to work out procedures. 

In a further effort to contribute to the growth of SMEs, BOI launched the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund application portal in October 2024. This initiative provides MSMEs with access to loans up to N1 million, requiring no collateral, and a competitive interest rate of 9% over three years. 

According to BOI spokesperson Amina Habu Mohammed, “the fund is a solution to the credit problems of small businesses in Nigeria.” National President of NASSI and Solomon Vongfa also welcomed the initiative, as he believes it’s a source of hope for MSMEs. According to him, the fund is likely to encourage innovation and employment, and contribute to economic growth in general. NASSI has committed to supporting the success of the program through education of business owners on accessing loans through workshops, seminars, and outreach programs across the 36 states of Nigeria.