The Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) across Nigeria in the first nine months of 2024.
These loans aim to boost operations and productivity, contributing to national economic growth.
BOI’s Managing Director, Dr. Olasupo Olusi, shared the news during the BOI Annual Public Lecture, emphasizing that MSMEs are essential to alleviating poverty and ensuring food security.
Additionally, 140 local manufacturers will receive up to N1 billion in loans under the Federal Government’s N75 billion Manufacturing Sector Fund to promote industrial capacity.
The government is also focused on incorporating MSMEs into initiatives to address food insecurity and economic challenges.