BoI strengthens MSMEs capacity to access N75bn intervention Fund,
By John Alechenu
Abuja—The Bank of Industry, BOI, has reiterated its commitment to improving the capacity of Micro Small and Medium Enterprises, MSMEs, to create over 75,000 direct and 150,000 indirect jobs nationwide through the disbursement of a ¦ 75bn intervention fund.
This was revealed during a Presidential Loan Clinic organised for MSMEs which held in Abuja yesterday.
During the event, government officials, industry stakeholders, and beneficiaries gathered to deliberate on the progress and challenges surrounding the loan initiative.
The clinic was organised by BoI, in collaboration with the Office of the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation,
It provided an opportunity for the bank to reaffirm the federal government’s focus on driving inclusive economic growth through small business development.
In his remarks, the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, who was represented by the Divisional Head, Multi-laterals Division, Mr Yinka Adegboye, shed light on the banks interventions.
Olusi said: “We have approved several loans, and while some have been disbursed, others are pending due to reasons ranging from insufficient documentation to compliance gaps.
“This MSMEs engagement is designed to address these challenges head-on. We want every qualified Nigerian entrepreneur to benefit from this fund.
“We want to support you in a sustainable manner. We are not just providing funds; we are building capacity, monitoring impact, and ensuring that these loans translate to job creation and economic value. “The funds are still available, and we urge more entrepreneurs to take advantage of them.”
In his remarks, the BOI Regional Manager-North Central, Nasiru Ozovehe, spoke about the impact of the loan on small businesses.
According to him, in the Federal Capital Territory, FCT, alone, the bank has approved funding for 662 businesses totalling ¦ 2.9billion, out of which about ¦ 900million has already been disbursed to 262 companies.
He noted that the loan scheme was targeted at MSMEs across all sectors, with focus on registered businesses that demonstrated potential for growth and job creation.
He urged unregistered businesses to advantage of the existing opportunities to formalise their operations in order to benefit from the fund.
Nasiru said: “The objective of the programme is to support MSMEs with affordable financing, create at least 100,000 sustainable jobs, and improve the overall welfare of Nigerian households.
“The maximum loan amount is ¦ 5m, and it is only accessible to businesses with valid registration and documentation.”
In his remarks, the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation, Mr Temitola Adekunle-Johnson, said: “The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed.
“The BOI is working directly with beneficiaries to ensure proper documentation and utilisation. This is not just about giving out money, it’s about making sure the money works for your business, creates jobs and grows the economy.”
He equally commended BOI for its commitment to helping Nigerian businesses access funding in a transparent and effective manner, adding that the programme was a demonstration of President Bola Tinubu’s Renewed Hope Agenda for job creation, youth empowerment, and economic stability.
A beneficiary, Damilola Afolabi, the Managing Director/Chief Executive Officer, The Ladies Empire, said: “This loan has truly helped our business. We were able to buy more equipment, employ more staff, and expand our operations. “It is a nine per cent interest loan, with a three-year repayment period and a three-month moratorium, which gave us the breathing space to stabilise before repayment. We are thankful to the federal government and BOI for this timely intervention.”
The post BoI strengthens MSMEs capacity to access N75bn intervention Fund appeared first on Vanguard News.
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The Bank of Industry, BOI, has reiterated its commitment to improving the capacity of Micro Small and Medium Enterprises, MSMEs, to create over 75,000 direct and 150,000 indirect jobs nationwide through the disbursement of a ¦ 75bn intervention fund.
The post BoI strengthens MSMEs capacity to access N75bn intervention Fund appeared first on Vanguard News.
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