Nigeria’s Bank of Industry (BoI) defied economic downturn by disbursing N496 billion to bolster Micro, Small and Medium Enterprises (MSMEs). This impressive contribution resulted in the creation of an estimated 2 million jobs across the country. The Bank’s performance was further highlighted by a surge in profit before tax, reaching a record N153.81 billion.
BoI Chairman, Mallam Muhammed Bala, attributed the success to increased credit disbursements to MSMEs. He emphasized the Bank’s commitment to supporting businesses through various initiatives like the Smallholder Farmer Financing Product and the MSME Distributor Finance Programme. These efforts aligned with President Tinubu’s economic agenda and the National Development Plan, positioning BoI as a key driver of Nigeria’s industrial growth.
Dr. Olasupo Olusi, the Bank’s Managing Director, echoed Bala’s sentiments. He pointed out that BoI’s programs empowered MSMEs, particularly micro and small businesses, to thrive even amidst economic hardship. This financial support has demonstrably contributed to President Tinubu’s goals of economic recovery and job creation.
Source: Daily Trust