The Bank of Industry (BOI) has revealed plans to provide loans of up to N1 billion each to 140 manufacturing companies across Nigeria as part of the Federal Government’s N75 billion Manufacturing Sector Fund.
BOI Managing Director, Olasupo Olusi, shared this during the bank’s first annual public lecture in Abuja on Wednesday. He emphasized that the initiative aims to enhance production, promote economic growth, and generate employment opportunities.
He said, “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 highlighted that BOI’s provision of low-interest loans is designed to boost production, create jobs, and drive sustainable growth in the manufacturing sector. He noted that the bank has already disbursed N77.65 billion in loans to nearly 1,000 MSMEs across various industries nationwide.
According to him, the initiatives align with the Federal Government’s strategy to reduce poverty and improve food security by supporting businesses that fuel economic growth and job creation.
Olusi also reaffirmed the launch of the BOI PriceSense NG platform, a price intelligence dashboard offering real-time data on price trends across Nigeria.
He said, “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,”
What you should know
In an address to the Nation last year, the President had announced a slew of initiatives to help individuals and businesses irrespective of size. The President announced a conditional grant N50,000 to micro businesses and N75 billion of single-digit interest loan to manufacturers This is owing to the elevated interest rate levels in the country and its impact on inputs cost for businesses and general inflation for Nigerians.
In December 2023, the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, revealed that the Federal Government had finalized plans to launch the N75 billion Presidential Palliative Loan Programme for MSMEs, along with an additional N75 billion funds specifically for manufacturers.
SOURCE: NAIRAMETRICS
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