Tag: MSMEs

Economic Summit: Tinubu unveils ₦200bn lifeline for MSMEs, manufacturers

Aminu Imam
Tinubu unveils

…Promises expanded access to credit, jobs, social protection for vulnerable citizens President Bola Ahmed Tinubu has disclosed why his administration established the ₦200 billion Intervention Fund to support micro, small, and medium enterprises (MSMEs) and manufacturers, saying it became necessary to assist them in boosting competitiveness and addressing structural challenges. President Tinubu who stated this in Abuja yesterday, when he officially declared open the 31st Nigerian Economic Summit (NES), noted that the belief in the nation’s economic experts had been the magic wand behind his administration’s ongoing reforms. Represented at…

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BoI raises $5bn, plans N120bn MSME support

Aminu Imam
BoI raises

Managing Director of the Bank of Industry, (BoI), Olasupo Olusi, says the bank has raised over $5 billion from the international capital markets through EuroBonds, loan syndications, and green finance instruments since 2017. Olusi disclosed this on Thursday, at the BoI’s 65th anniversary news conference in Lagos, highlighted the bank’s evolution from its establishment as the Investment Company of Nigeria in 1959 to its transformation into the BoI in 2001. The BoI MD noted that the bank also concluded global loan syndication that raised not less than €2 billion in…

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“We’ve disbursed N78bn loans to 1,000 MSMEs this year” – BOI

Aminu Imam
BoI ob SMEs

The Bank of Industry (BOI), has said thus far, it has disbursed N77.65 billion in loans to almost 1,000 Micro, Small and Medium Enterprises (MSMEs) in the country. Managing Director/CEO of BOI, Dr. Olasupo Olusi made the disclosure yesterday, during the 2024 BOI annual public lecture series to mark the Bank’s 65th anniversary, with the theme: “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria”. He said: “So far this year, the Bank has supported MSME across the country through the disbursement…

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700,000 manufacturers, MSMEs apply for FG’s N150bn loan – Minister

Aminu Imam
MSME's loan

About 700,000 manufacturers and micro, small and medium enterprises (MSMEs) have expressed intention to become beneficiaries of the Federal Government’s N150bn loan to help businesses in Nigeria navigate the current economic crunch. Minister of Industry, Trade and Investment, Doris Aniete, who revealed this on Friday, disclosed that the Ministry was working tirelessly to ensure prompt release of the fund to eligible businesses. It was gathered that 630,797 citizens have benefitted from the Presidential Conditional Grant Scheme Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme,…

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