BoI Disburses N75bn To Boost Small-Scale Industrial Growth In Nigeria

The Bank of Industry (BoI) has disbursed N75 billion to support vulnerable members of the Nigerian Association of Small-Scale Industrialists (NASSI), in a bid to stimulate growth and productivity among small-scale enterprises.

The fund disbursement was formalised through a Memorandum of Understanding (MoU) signed recently at BoI’s head office in Abuja.

This development comes on the heels of BoI’s recent financial intervention, where over 1,000 micro, small, and Medium Enterprises (MSMEs) across the country received funding to improve their productivity.

The N75bn fund marks an additional push to support small-scale industrialists, helping them scale operations, create jobs, and contribute to Nigeria’s economic development.

Speaking recently at the signing ceremony, Managing Director (MD)\Chief Executive Officer (CEO) of BoI, Dr. Olasupo Olusi, highlighted the bank’s mission to bolster the MSMEs sector, aligning with President Bola Tinubu’s ‘Renewed Hope’ agenda. He noted that the initiative is part of a broader strategy to empower small-scale businesses as key drivers of the nation’s industrial sector.

“This MoU is more than just the N75bn disbursement; it symbolises our long-term partnership and shared vision for the industrial sector. We are fully committed to working closely with NASSI to achieve the goals of transforming the SME ecosystem and ensuring the vulnerable industrialists get the necessary support,” Dr. Olusi said.

Chief Solomon Vongfa, National President of NASSI, expressed his gratitude to BoI for the support, emphasising the fund’s potential to spur economic growth. He acknowledged the significant impact it would have on creating jobs and reducing poverty within the small-scale industrial sector.

“This fund will go a long way in addressing the challenges faced by our members. It will boost job creation and improve the livelihoods of many Nigerians. We are deeply grateful for BoI’s continuous support, and I assure you that this project will succeed,” Chief Vongfa stated.

Mr. Chris Oputa, Director- General of NASSI, echoed Chief Vongfa’s sentiments, emphasising that the financial aid would be directed to the most vulnerable small-scale entrepreneurs. He also lauded the federal government and BoI for their responsiveness to NASSI’s advocacy for improved support for small-scale industrialists.

“This is the result of years of advocacy and commitment. We are excited to see this come to fruition, and we will ensure that the vulnerable industrialists who truly need this support benefit from it. This is a major victory for small-scale industrialists in Nigeria,” Mr. Oputa remarked.

The N75bn disbursement is poised to provide critical funding that will empower small-scale industrialists to expand their operations, drive economic growth, and strengthen Nigeria’s industrial capacity.