As part of the N75 billion manufacturing sector fund established by the federal government, the Bank of Industry (BOI) has announced plans to lend up to N1 billion to 140 manufacturing enterprises in Nigeria.
BOI’s managing director, Olasupo Olusi, made the remark at the bank’s maiden annual public lecture series on Wednesday, October 2, 2024, in Abuja, BusinessDay reported.
He clarified that the loan was intended to promote employment creation, assure economic growth, and encourage production.
Olusi said BOI hopes to increase output, improve job creation, and foster sustainable growth in the industrial sector by providing low-interest loans.
According to the BOI head, the bank has disbursed N77.65 billion in loans to approximately 1,000 MSMEs across various sectors in the country.
He pointed out that by assisting businesses that stimulate economic growth and provide employment, these interventions complement the federal government’s initiatives to reduce poverty and improve food security.
Olusi reiterated the launch of the BOI PriceSense NG portal, a dashboard for pricing intelligence that offers up-to-date information on price movements throughout Nigeria.
On his part, Dr. Doris Uzoka-Anite, minister of industry, trade, and investment, underlined the government’s commitment to using MSMEs to spur economic growth by promising better access to capital, innovation, and policy support.
TimesNow.com.ng earlier reported that the Manufacturer Association of Nigeria (MAN) disclosed how the government provides affordable credit to support the sector given the numerous challenges businesses face in the country.
Ajaji Kadir, director general and CEO of MAN, spoke on macroeconomic challenges due to the volatility in foreign exchange rates at the Norrenberger Economic Outlook titled, “Nigeria: Beyond the reforms”
He pointed out that the manufacturing sector has been affected by different logistics flows as it is one of the most susceptible to international shocks and geopolitics.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
