Grapevine

BOI disburses N77.56bn loans to MSMEs

The BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, disclosed the figures at the 2024 BOI Annual Public Lecture Series held on Wednesday in Abuja.

The event was themed, ‘Creating Impact: The Role of MSME Support and Financing in alleviating poverty and food insecurity in Nigeria’.

Olusi also said 140 local manufacturers will receive loans of up to N1bn under the Federal Government’s N75bn Manufacturing Sector Fund.

The funds which will be disbursed through the bank and provided at single-digit interest rates, are part of the government’s efforts to support large production enterprises and bolster economic growth through increased industrial capacity.

Olusi said the funds have already been fully allocated to successful applicants across Nigeria’s six geopolitical zones, with disbursements underway, but did not reveal the exact amount allocated to each manufacturer.