BOI Disburses N22.89bn From Manufacturing Intervention Fund

The Bank of Industry (BOI) has disbursed N22.89bn out of its N75bn Manufacturing Sector Intervention Fund to support 29 manufacturers.

This was announced by Dr. Olasupo Olusi, Managing Director of BOI, during the bank’s first-ever interactive session with the Organized Private Sector (OPS) held in Abuja.

The event, themed “Driving SME Development through Strategic Partnerships,” was also accessible virtually.

Olusi noted that an additional N6.3bn is earmarked for 20 ongoing projects currently at different stages of disbursement. He described the session as a pivotal moment in fostering collaboration and advancing the nation’s industrial and economic development.

The BOI MD emphasized the importance of partnerships, highlighting a recently signed Memorandum of Understanding (MoU) with OPS associations.

This agreement, he said, demonstrates the shared commitment to transforming Nigeria’s industrial landscape.

“We cannot achieve sustainable economic growth alone. It requires collaboration, innovation, and a collective resolve to address systemic challenges,” Olusi added.

The collaboration extends to Federal Government loan programs, where BOI is leveraging joint efforts to strengthen industrial support and financing.

Olusi outlined BOI’s dual role: providing financing and creating a supportive environment for businesses. He identified key challenges that must be addressed, including infrastructure deficits, regulatory hurdles, and limited market access.

“Your expertise and insights are critical to shaping our interventions. Together, we can integrate technology, sustainability, and skills development into the core of SME growth,” he said.

Olusi reiterated BOI’s commitment to aligning its programs with the needs of the manufacturing sector, calling for innovative solutions to accelerate growth.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, Olusi detailed six focus areas central to BOI’s strategy which are MSME Development, Digital Transformation, Youth and Skills Development Climate and Sustainability, Gender Inclusion and Sectoral Growth.

“These priorities are not just BOI’s focus—they are national imperatives that demand active participation from all stakeholders,” he stressed.

The BOI interactive session served as a platform for dialogue and strategic planning, reinforcing the bank’s commitment to being a trusted partner for the private sector.

Olusi concluded by affirming BOI’s readiness to work hand-in-hand with stakeholders to reshape Nigeria’s economic and industrial future.

“The Bank of Industry stands as your partner in progress, ready to support at every step of the way. Together, we can transform Nigeria’s economic landscape,” he said.

BOI Disburses N22.89bn From Manufacturing Intervention Fund is first published on The Whistler Newspaper