Bank of Industry strengthens MSMEs’ capacity to access ₦75bn intervention fund

By John Alechenu – Abuja

The Bank of Industry (BOI) has reaffirmed its commitment to strengthening Micro, Small, and Medium Enterprises (MSMEs) across Nigeria by facilitating access to the ₦75 billion Federal Government intervention fund. The initiative is expected to generate over 75,000 direct jobs and 150,000 indirect jobs nationwide.

This assurance was given during a Presidential Loan Clinic for MSMEs held in Abuja, organized by BOI in collaboration with the Office of the Special Adviser to the President on MSMEs and Job Creation.

The event brought together government officials, stakeholders, and business owners to discuss the progress, challenges, and implementation of the loan programme. It also served as a platform to reaffirm the government’s commitment to inclusive economic growth through MSME development.

Speaking at the event on behalf of the BOI Managing Director/CEO, Dr. Olasupo Olusi, the Divisional Head, Multilaterals Division, Mr. Yinka Adegboye, emphasized that while many loans have already been approved, disbursement delays are often due to documentation or compliance issues.

“We want every qualified Nigerian entrepreneur to benefit from this fund,” Olusi stated. “We are not just providing financing — we are building capacity, monitoring impact, and ensuring the loans contribute meaningfully to job creation and economic development. The funds remain available, and we encourage more entrepreneurs to apply.”

BOI Regional Manager for North Central, Mr. Nasiru Ozovehe, highlighted the scheme’s tangible impact in the Federal Capital Territory (FCT), noting that the bank has approved loans for 662 businesses totaling ₦2.9 billion, with ₦900 million already disbursed to 262 companies.

He explained that the fund is open to MSMEs across all sectors, particularly registered businesses that show potential for growth and job creation. “The maximum loan amount is ₦5 million,” he said, “and it is accessible only to businesses with proper documentation and valid registration.”

Special Adviser to the President on MSMEs and Job Creation, Mr. Temitola Adekunle-Johnson, stressed that the initiative is more than just financial support. “It’s about ensuring that the funds are properly utilized to grow businesses, create jobs, and drive economic development,” he said. He praised BOI’s hands-on approach in assisting applicants and ensuring transparency in disbursement.

Adekunle-Johnson described the programme as a key pillar of President Bola Tinubu’s Renewed Hope Agenda, focused on job creation, youth empowerment, and economic growth.

One of the programme beneficiaries, Damilola Afolabi, Managing Director/CEO of The Ladies Empire, shared her success story, stating that the loan allowed her business to purchase new equipment, expand operations, and hire additional staff.

“This loan has truly transformed our business,” she said. “The nine percent interest rate, three-year repayment period, and three-month moratorium gave us room to grow before repayment started. We are grateful to BOI and the Federal Government for this opportunity.”

Participants at the event received updates on disbursement progress, eligibility criteria, loan terms, and the Bank’s monitoring and evaluation framework.

With over 39 million MSMEs contributing nearly 50% to Nigeria’s GDP and over 80% of employment, the BOI emphasized that the intervention fund is not just about disbursing money but about nurturing a resilient MSME ecosystem that can drive national economic growth.

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