Bank of Industry (BOI) has reiterated its commitment to improving access to affordable financing for the Micro Small and Medium Enterprises (MSMEs) by the continuous disbursement of the ₦75 billion intervention fund aimed at empowering MSMEs, creating over 75,000 direct jobs and 150,000 indirect jobs nationwide.
Managing Director, Bank of Industry ( BOI), Dr Olusupo Olusi, assured all stakeholders of government’s commitment and focus on driving inclusive economic growth through small business development.
Olusi said: “While loans have been approved for many applicants, some disbursements are being delayed because of incomplete documentation and other compliance gaps that could easily be resolved. This MSMEs engagement is designed to address these challenges head-on. We want every qualified Nigerian entrepreneur to benefit from this fund.
“The programme is in line with the presidential directive to make credit accessible to Nigerian businesses, promote sustainability, support families, and contribute meaningfully to the nation’s Gross Domestic Product. We want to support MSMEs 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”.
Olusi, who was represented by the Divisional Head, Multilaterals Division, Yinka Adegboye, spoke during the Presidential Loan Clinic for MSMEs in partnership with the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation at the weekend in Abuja.
BOI Regional Manager-North Central, Nasiru Ozovehe, gave further insight into the impact of the loan programme so far, stating that the funds are still available, and the bank is urging more entrepreneurs to take advantage of them. In the Federal Capital Territory (FCT) alone, the bank has approved funding for 662 businesses totalling ₦2.9 billion, out of which about ₦900 million has already been disbursed to 262 companies.
He noted that the loan scheme is targeted at MSMEs across all sectors, with a focus on registered businesses that demonstrate potential for growth and job creation. Also all unregistered businesses should formalize their operations to benefit from the fund. 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.
He added that, “the maximum loan amount is ₦5 million, and it is only accessible to businesses with valid registration and documentation.
Speaking, the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation, Mr. Temitola Adekunle-Johnson, said the intervention was designed not only to make funding accessible but also to ensure entrepreneurs receive the support needed to put the funds to productive use.
“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 utilization.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”.
Adekunle-Johnson commended BOI for its commitment in helping Nigerian businesses access funding in a transparent and effective manner, stating that the programme is a demonstration of President Bola Tinubu’s Renewed Hope Agenda for job creation, youth empowerment, and economic stability.
The Bank of Industry reaffirmed that the initiative is structured not just to distribute loans, but to build a thriving ecosystem of MSMEs capable of stimulating national economic growth. MSMEs plays a vital role in national development, with over 39 million MSMEs in Nigeria contributing nearly 50 per cent to the GDP and accounting for over 80 per cent of employment in the country.
Credit: thenationonlineng.net
