The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria as part of the Federal Government’s N75 billion Manufacturing Sector Fund.
Olasupo Olusi, the Managing Director of BOI, made this announcement during the bank’s inaugural annual public lecture series held in Abuja on Wednesday. He explained that the initiative aims to foster production, promote economic growth, and boost job creation.
“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates,” Olusi stated. He added that the funds under this program have been fully allocated to successful applicants across the six geopolitical zones of the country, and disbursements have already commenced.
To ensure transparency, the program is collaborating with the Manufacturers Association of Nigeria (MAN) to verify that all beneficiaries are legitimate manufacturers, providing additional validation of loan applicants.
Olusi emphasized that by offering low-interest loans, BOI aims to enhance production, create jobs, and promote sustainable growth within the manufacturing industry. He also noted that the bank has disbursed N77.65 billion in loans to nearly 1,000 micro, small, and medium enterprises (MSMEs) across various sectors in Nigeria.
These interventions are in line with the Federal Government’s efforts to alleviate poverty and enhance food security by supporting enterprises that drive economic growth and job creation. Additionally, Olusi highlighted the inauguration of the BOI PriceSense NG platform, a price intelligence dashboard that provides real-time data on price trends across Nigeria.