BOI disburses N75bn to support small-scale industrialists

The Bank of Industry, on Tuesday, reached an agreement with the Nigerian Association of Small-Scale industrialists to disburse funds totalling N75bn to support some of its vulnerable members.

This was disclosed at the official signing of a Memorandum of Understanding between both parties at the BOI headquarters in Abuja.

The move comes two weeks after the institution provided similar financial assistance to nearly 1,000 Micro, Small and Medium-scale enterprises across the across to enhance their productivity and contribute to the overall economic growth of the country.

Addressing the media after the event, the Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, disclosed that the bank is committed to supporting as many MSMEs as possible in the ecosystem.

According to him, the MoU signed with NASSI was also in furtherance of the mandate given to them by President Bola Tinubu through his Renewed Hope agenda.

He said, “This MoU we signed today goes beyond the N75bn fund. It is about the way we can go about working together. We need to continue to engage to ensure we achieve the mandate given by His Excellency President Bola Tinubu under his Renewed Hope agenda.

“I want to emphasise that we are fully committed to this partnership and look forward to continue working closely with NASSI to achieve our set goals and objectives in the SME ecosystem and also to transform the industrial sector.

“This is not only for people in the private sector. It is also for those involved in industrial and enterprise development. That’s the spirit of this MoU. As the DG of NASSI said earlier, it is very important we support the real vulnerable people and the actual ones in need in the MSMEs space.”

Appreciating the gesture, NASSI National President, Chief Solomon Vongfa, promised not to disappoint Olusi and his BOI team.

Vongfa also expressed optimism that the N75bn will go a long way to create jobs and stimulate growth among members who need such support in support.

“I want to assure the managing director of BOI that we will make this project a success. You may not really know what you are doing to the economy of this country. This fund is going to boost a lot of job creation and reduce poverty. And I am sure that is essentially your focus.

“I think the key thing is that these are interventions for Nigerians and particularly for our association as one of the major stakeholders. If we are to start calculating how many beneficiaries are directly involved, the fund won’t go around. It is not even enough because we have our members in millions.

“There is a saying that a thousand kilometres starts with a step. So, we strongly believe that this intervention will go a long way in helping vulnerable Nigerian MSMEs. Our responsibility is to poise our people, the strategic ones who are in need of this funding. Our interest is that whatever amounts we put into our business, it will attract jobs and, in turn, reduce poverty,” he stated.

The Director General of NASSI, Chris Oputa, also shared his optimism, assuring that only the vulnerable persons who need such financial reinforcement will get it.

Oputa also expressed delight their continued advocacy for support to small-scale industrialists had finally received the attention of the Federal Government.

He said, “What we are seeing today is the result of continuous advocacy with the BOI. We are proud to bring the real vulnerable people to you. They are the actual enterprise persons and not some fly-by-night businessmen.”