Bank of Industry Disburses ₦1.27 Trillion to 14 Sectors, support 900,000 Nigerians
The Bank of Industry (BOI) revealed that it disbursed more than ₦1.27 trillion to businesses across 14 key sectors of the Nigerian economy in 2024 — a robust intervention that sustained and created over 900,000 jobs nationwide
The bank’s Managing Director, Olasupo Olusi, delivered the update during the second day of the 10th Nigeria Energy Forum (NEF) held virtually in Lagos, with the message conveyed by BOI’s Executive Director for Public Sector and Intervention Programmes, Mabel Ndagi.
According to the bank, the intervention spans enterprises of diverse sizes — from large manufacturers to micro, small and medium-scale enterprises (MSMEs) — enabling expansion of production capacities, value-addition and industrial growth across sectors.
As Ndagi explained, a significant portion of the support is delivered via the ₦200 billion Federal Government MSME Intervention Fund, distributed through three dedicated windows: ₦50 billion under the Presidential Conditional Grant Scheme; ₦75 billion for the MSME Intervention Fund; and ₦75 billion for the Manufacturing Sector Fund.
In addition to conventional industrial financing, BOI is increasingly channeling investments toward green finance, renewable energy adoption and circular-economy initiatives.
The bank aims to support companies integrating energy-efficient, low-carbon processes — a strategic alignment with global sustainability trends.
This level of disbursement and diversification underscores BOI’s critical role in Nigeria’s industrial transformation, highlighting its commitment to stimulating growth, fostering entrepreneurship and generating employment at a time when economic opportunities are urgently needed.
Comments