The Bank of Industry (BOI) has announced the disbursement of N77.65 billion in loans to nearly 1,000 micro, small, and medium enterprises (MSMEs) across Nigeria within the first nine months of 2024.
This initiative is part of the government’s strategy to address critical challenges faced by MSMEs, including limited access to finance and infrastructure deficiencies.
During the 2024 BOI Annual Public Lecture Series in Abuja, Managing Director Dr. Olasupo Olusi emphasized the importance of MSMEs, which constitute approximately 97% of all businesses in Nigeria and contribute over 80% of employment and 50% of GDP.
The BOI’s efforts also include programs focused on sustainable growth, technological innovation, and increased access to markets.
Olusi highlighted that the bank is committed to prioritizing areas such as digital economy and gender inclusion.
The Minister of Industry, Trade and Investment, Doris Anite, reiterated the government’s focus on integrating MSMEs into broader initiatives to combat food insecurity and enhance production capabilities.
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Meanwhile, the Minister of Finance, Wale Edun, announced plans to increase the BOI’s equity base, enabling it to mobilize more resources for MSME support.
Additionally, two publications and a new mobile app for monitoring food commodity prices were launched during the event, furthering the BOI’s mission to empower local businesses and contribute to national economic development.
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