The Bank of Industry (BoI) has allocated the sum of N75 billion to assist vulnerable small-scale industrialists.
This initiative, designed to enhance productivity and economic growth, was formalized during the recent signing of a Memorandum of Understanding (MoU) with the Nigerian Association of Small-Scale Industrialists (NASSI) at the BoI head office in Abuja.
The agreement comes just two weeks after the BoI provided similar financial support to nearly 1,000 micro, small, and medium enterprises (MSMEs) across Nigeria, highlighting the institution’s commitment to driving economic transformation through targeted financial interventions.
Dr. Olasupo Olusi, the Managing Director (MD)\ Chief Executive Officer (CEO) of BoI, highlighted the significance of the MoU and reaffirmed the bank’s dedication to supporting MSMEs across the nation. He noted that this effort aligns with President Bola Tinubu’s ‘Renewed Hope’ agenda, which seeks to empower small businesses and foster sustainable industrial development.
“This MoU goes beyond the N75 billion fund, it is about forging a collaborative partnership to ensure we can fulfill the mandate given by His Excellency President Bola Tinubu under the ‘Renewed Hope’ agenda. We are fully committed to this partnership and to transforming the industrial sector by supporting MSMEs and fostering enterprise development,” Dr. Olusi said.
He equally emphasised the importance of focusing on vulnerable and needy entrepreneurs within the MSME ecosystem, ensuring that those most in need receive the required financial support to sustain their businesses.
NASSI’s National President, Chief Solomon Vongfa, expressed gratitude for the BoI’s initiative and assured the bank of NASSI’s commitment to making the project a success. He highlighted the impact the N75 billion fund would have on job creation and poverty reduction among small-scale industrialists, many of whom require financial assistance to scale their businesses.
“This fund will go a long way in boosting job creation and reducing poverty. We are confident that this intervention will create new opportunities for our members and help drive economic growth. While the fund may not be enough to cover all our members, it is a significant step in the right direction,” Chief Vongfa said.
The Director General of NASSI, Mr. Chris Oputa, also shared his optimism about the MoU, assuring that the funds would be directed to the most vulnerable small-scale industrialists in need of financial reinforcement. He lauded BoI’s responsiveness to NASSI’s continued advocacy for support and expressed confidence that the funds would have a substantial impact on small-scale industrialists across the country.
“This is the result of our continuous advocacy. We are proud to bring the real vulnerable people to you—the true enterprise persons. We are committed to ensuring that this financial assistance reaches those who genuinely need it, not opportunistic businesses,” Mr. Oputa stated.
The partnership between BoI and NASSI represents a crucial step in addressing the challenges faced by small-scale industrialists in Nigeria, particularly as the country seeks to diversify its economy and stimulate growth in non-oil sectors. The N75 billion fund will provide much-needed capital to help small businesses expand, create jobs, and contribute to Nigeria’s broader economic goals.
