BOI Disburses N77.65bn Loans to Support MSMEs, Boosts Economic Growth
The Bank of Industry (BOI) has announced that it has successfully disbursed loans totalling N77.65 billion to support medium, small, and micro-enterprises (MSMEs) across Nigeria. The financial assistance has been provided to nearly 1,000 MSMEs, enabling them to enhance their operations, improve their productivity, and contribute to the country’s overall economic growth.
The BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, disclosed these figures at the 2024 BOI Annual Public Lecture Series held in Abuja. The event was themed "Creating Impact: The Role of MSME Support and Financing in alleviating poverty and food insecurity in Nigeria."
Olusi emphasized that the disbursement is part of the government’s strategy to address significant challenges such as limited access to finance, difficult operating environment, and infrastructure deficiencies. He noted that MSMEs are the backbone of any thriving economy, making up approximately 97 per cent of all businesses in Nigeria, and contributing over 80 per cent of employment and about 50 per cent of GDP.
The bank will continue to create an environment that promotes sustainable growth by providing access to capacity-building programs, encouraging technological innovation, and facilitating connections between businesses and both domestic and international markets. The bank has also prioritized six key thematic areas, including MSMEs, Digital Economy, Youth & Skills, Climate and Sustainability, Infrastructure, and Gender, to ensure that every loan disbursed helps to create jobs, achieves a greener economy, and boosts overall economic growth and development.
The Minister of Industry, Trade and Investment, Doris Anite, stated that the government is focused on incorporating MSMEs into its initiatives aimed at reducing food insecurity and enhancing the production of essential goods and services, including food. Anite emphasized that MSMEs play a pivotal role in addressing poverty by creating employment opportunities, especially for youth and women who are often excluded from formal labor markets.
The Minister of Finance and the coordinating minister of the economy, Wale Edun, also stated that the government is working to increase the equity base of the bank, which will enable the bank to better mobilize resources and focus more on supporting MSMEs.
The event also witnessed the official launch of two landmark publications, The BOI Journal of Development Finance (Technical) and The BOI Journal of Development Review (Non-Technical), as well as a price intelligence dashboard and mobile app called "BOI PriceSense NG" for real-time monitoring of food commodity price variations across the country.
