The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria under the Federal Government’s N75 billion Manufacturing Sector Fund.
BOI Managing Director, Olasupo Olusi, made this disclosure at the bank’s inaugural annual public lecture series on Wednesday in Abuja.
He explained that the loan aimed to foster production, ensure economic growth, and boost job creation.
“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates.
“The funds under this programme have been fully allocated to successful applicants across the six geopolitical zones of the country, and disbursements have commenced.
“For transparency, the programme is working with the Manufacturers Association of Nigeria (MAN) to ensure all beneficiaries are genuine manufacturers, providing additional validation of loan applicants.”
Olusi stated that by offering low-interest loans, BOI aims to boost production, enhance job creation, and promote sustainable growth in the manufacturing industry.
According to the BOI boss, the Bank has disbursed N77.65 billion in loans to almost 1,000 MSMEs across various sectors in the country.
He noted that these interventions align with the Federal Government’s efforts to alleviate poverty and enhance food security by supporting enterprises that drive economic growth and create jobs.
Olusi restated the inauguration of the BOI PriceSense NG platform, a price intelligence dashboard providing real-time data on price trends across Nigeria.
“The platform aims to stabilise markets, protect consumers, and inform policy decisions related to food insecurity.
“We are unveiling the BOI PriceSense NG, a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities nationwide.
“These initiatives demonstrate our commitment to impactful research, innovative solutions, and transparency in all endeavours,” Olusi said.
Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, reaffirmed the government’s commitment to drive economic growth through MSMEs, pledging improved access to financing, innovation, and policy support.(NAN)