BOI grants N22.89bn support to 29 manufacturing Firms

According to the Bank of Industry (BOI), 29 manufacturers have received N22.89 billion. The funds come from a N75 billion fund for the manufacturing sector.

During the first BOI interactive session with the Organized Private Sector in Abuja, which was virtually observed, its Managing Director, Olasupo Olusi, announced this on Monday.

According to Mr. Olusi, 20 additional projects totaling N6.3 billion were in various stages of disbursement out of the N75 billion manufacturing sector budget.

According to him, the interactive session was a milestone in collaboration and a manifestation of the common goal of building a prosperous industrial sector.

With your prestigious associations, we just signed a Memorandum of Understanding (MOU).

This agreement emphasizes the obvious fact that we cannot change Nigeria’s industrial landscape on our own.

In order to achieve sustained economic growth, he stated that cooperation, creativity, and a common determination to tackle systemic issues must be the driving forces.

According to the agreed agreement, the bank has already started to make progress through collaborative efforts on the federal government’s lending program, according to the BOI MD.
According to him, the event’s subject, “Driving SME Development through Strategic Partnerships,” pushed everyone to think differently about how we collaborate.

According to Mr. Olusi, this actually meant shared responsibility because the bank’s job was to support an atmosphere that allowed firms to flourish in addition to providing funding.

This entails tackling legislative obstacles, market accessibility, and infrastructure deficiencies.

But your knowledge and perceptions are crucial to guiding these initiatives.

The introduction of technology, sustainability, and skill development as fundamental pillars of SME success requires our joint efforts in collaborative innovation.

“We care about your operations, your most important problems, how we can better match our programs to your needs, and the creative solutions we can work on together to boost growth,” he stated.

In accordance with President Bola Tinubu’s updated Hope Agenda, Mr. Olusi advised the organized private sector to remember the six thematic areas of impact that BOI was concentrating on.