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 Banks 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 of loans totalling about N77.65 Billion.
These loans were given to almost 1,000 MSMEs across the country to enable them to boost their operations. Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the North, and a local furniture maker in the South, amongst others.
Olusi further revealed it has begun disbursement of N1 billion loan at single-digit interest rates to no fewer than 140 manufacturing companies across the six geo-political zones, under the N75 billion ‘FGN Manufacturing Sector Fund’.
He further said, We are currently reviewing 211,248 applications and have started the disbursement to qualified applicants. We aim to broaden participation and ensure inclusiveness, by deploying business clinics across the 36 States of the federation and the FCT, which will also improve the quality of applications in the coming days”.
Meanwhile, the BOI has unveiled a price intelligence dashboard and mobile app, the ‘BOI PriceSense NG’, for real-time monitoring of price variations of food commodities across the country.
