The Bank of Industry says it has disbursed loans totalling N77.65bn to 1,000 MSMEs across the nation, enabling them to enhance their operations, improve their productivity and contribute to the overall economic growth of the country.
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, disclosed this at the 2024 BOI Annual Public Lecture Series held on Wednesday in Abuja.
Olusi said 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 emphasised that tackling these issues is crucial for alleviating poverty and ensuring food security in the country.
The BOI boss pointed that through sufficient financial support and an enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.
He said those who have benefitted through several financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the north and a local furniture maker in the south, amongst others.
According to him, 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.