The Federal Government of Nigeria, in partnership with the Bank of Industry (BOI), has taken a bold step to rejuvenate the manufacturing sector by disbursing nearly N23 billion to 29 companies through the Manufacturing Sector Intervention Fund. This initiative is part of a larger N75 billion fund designed to transform Nigeria’s industrial landscape and foster sustainable economic growth.
BOI Managing Director Olasupo Olusi emphasized the critical role of collaboration in addressing systemic challenges during an interactive session with the Organized Private Sector in Abuja. He highlighted that an additional 20 projects, worth N6.3 billion, are in progress under this impactful initiative.
The fund also aims to empower Small and Medium Enterprises (SMEs) across Nigeria. With competitive interest rates, accessible loans, and no collateral requirements, it provides a beacon of hope for entrepreneurs. Industry leaders and organizations, including the Nigerian Association of Small Scale Industrialists (NASSI), have applauded the effort, underlining its potential to spur innovation, create jobs, and drive the economy forward. Workshops and outreach programs are already underway to ensure that small business owners are equipped to harness these opportunities.
This strategic injection of funds reflects a shared vision of driving industrialization, innovation, and economic prosperity for Nigeria.
