The Bank of Industry on Wednesday said it has supported Micro, Small, and Medium Enterprises across the country with the disbursement of loans totalling about N77.65bn.
These loans, the bank said, were given to almost 1,000 MSMEs across the country to enable them to boost their operations.
The BOI Managing Director/Chief Executive Officer, Dr Olasupo Olusi said these at the bank’s inaugural public lecture series with the theme, “Creating Impact: The role of MSME support and financing in alleviating poverty and food security in Nigeria.”
The event was attended by the Minister of Industry, Trade and Investment Doris Uzoka Anite; the Chairman of the Board of Directors, Ministry of Finance Incorporated, Dr Shamsuddeen Usman and the Governor of Abia State Dr Alex Otti among others.
Olusi said those who have benefitted through several of the bank’s financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the north, and a local furniture maker in the south, amongst others.
He explained that the bank’s support to MSMEs extend far beyond financial assistance, noting that it is working to create an environment that fosters sustainable growth through access to capacity building programs, promoting technological innovation, and connecting businesses to domestic and international markets.
By empowering MSMEs with the tools and resources they need to thrive, he noted that the bank is fostering a culture of innovation and entrepreneurship, driving job creation, poverty reduction, and inclusive economic growth.
He said, “At the Bank of Industry, addressing these gaps is a top priority, being at the heart of His Excellency, President Bola Ahmed Tinubu’s renewed hope agenda. To deepen our impact, we have prioritized six key thematic areas: MSMEs, Digital Economy, Youth & Skills, Climate and sustainability, Infrastructure, and Gender.
“This approach ensures that every loan disbursed helps to create jobs, achieves a greener economy, and boosts overall economic growth and development.
“Today, we are also celebrating the official launch of two landmark publications—The BOI Journal of Development Finance (Technical) – a bi-annual publication on development finance and economics, with well-articulated policy recommendations, and The BOI Journal of Development Review (Non-Technical) – another bi-annual publication on the analysis of MSMEs development policy in Nigeria and Africa. In addition, we are unveiling the BOI PriceSense NG – a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities across the country.
“These initiatives reflect our dedication to generating impactful research, fostering innovative solutions, and promoting transparency in all our endeavours.”
He said the BOI Journal of Development Finance will disseminate research findings and industrial statistics, informing practitioners and the corporate public about industry developments.
While the BOI Journal of Development Review covers studies and analysis of MSMEs development policy in Nigeria and across Africa, he added that the review emphasises the policy relevance of research findings over purely theoretical and quantitative issues.
Olusi explained that the theme of the event strongly aligns with the core vision and mission of the Bank of Industry as MSMEs are the bedrock of any thriving economy.
He said, “In Nigeria, they (MSMEs) make up approximately 97 per cent of all businesses contributing to over 80 per cent of employment and about 50 per cent of GDP – and are the driving force of food production and the overall economic development in Nigeria.
“However, these businesses often face significant challenges, which include limited access to finance, challenging operating environment, including infrastructure deficiencies.
“Therefore, addressing these issues is essential to alleviating poverty and ensuring food security. Through sufficient financial support and enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.”
He added that the bank has also recently signed a partnership agreement with the Small and Medium Enterprises Development Agency of Nigeria to provide a ₦1bn fund at a single-digit interest rate to Nano and Micro Enterprises in Nigeria.
Under the partnership, he pointed out that Nano and Micro enterprises will access a maximum of ₦1.5m and ₦2.5m, respectively, at a single-digit interest of 7.5 per cent for working capital and 5 per cent for term loan, with a tenor of 24 months.
As part of its intervention initiatives, he explained that the bank unveiled an N75bn loan program for micro, small and medium businesses under which enterprises that fall in this category will get up to N1m single-digit interest rate loans.
“We are currently reviewing 211,248 applications and have started the disbursement to qualified applicants. We aim to broaden participation and ensure inclusiveness by deploying business clinics across the 36 states of the federation and the FCT, which will also improve the quality of applications in the coming days,” he added.