{"id":11389,"date":"2024-11-25T08:46:03","date_gmt":"2024-11-25T08:46:03","guid":{"rendered":"https:\/\/adfi-ci.org\/?p=11389"},"modified":"2024-11-25T08:46:07","modified_gmt":"2024-11-25T08:46:07","slug":"bank-of-industry-to-disburse-n120-billion-to-2-million-msmes-by-december","status":"publish","type":"post","link":"https:\/\/adfi-ci.org\/fr\/bank-of-industry-to-disburse-n120-billion-to-2-million-msmes-by-december\/","title":{"rendered":"Bank of Industry to Disburse N120 billion to 2 million MSMEs by December"},"content":{"rendered":"<figure class=\"wp-block-image aligncenter size-full\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"750\" height=\"375\" src=\"https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?resize=750%2C375&#038;ssl=1\" alt=\"\" class=\"wp-image-11390\" srcset=\"https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?w=750&amp;ssl=1 750w, https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?resize=300%2C150&amp;ssl=1 300w, https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?resize=18%2C9&amp;ssl=1 18w, https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?resize=600%2C300&amp;ssl=1 600w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p class=\"\">L\u2019&nbsp;<strong>Bank of Industry (BOI)<\/strong>, Nigeria\u2019s foremost development finance institution, marked its 65th anniversary with the announcement of groundbreaking milestones, including mobilizing over&nbsp;<strong>$5 billion<\/strong>&nbsp;from international capital markets. This feat solidifies BOI\u2019s role as a critical driver of industrialization, economic development, and MSME empowerment in Nigeria.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BOI\u2019s Commitment to Nigeria\u2019s Economic Transformation<\/strong><\/h3>\n\n\n\n<p class=\"\">Speaking at the anniversary media parley in Lagos, Dr.&nbsp;<strong>Olasupo Olusi<\/strong>, Managing Director and CEO of BOI, highlighted the institution\u2019s evolution from its inception as the&nbsp;<strong>Investment Company of Nigeria<\/strong>&nbsp;in 1959 to its current role as a financial powerhouse.<\/p>\n\n\n\n<p class=\"\">BOI\u2019s strategy focuses on six core themes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Gender inclusion<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Climate and sustainability<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Youth empowerment and skills<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Digital economy<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Infrastructure development<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Rural investments<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"\">Dr. Olusi emphasized BOI\u2019s mission to foster industrial growth, create jobs, and drive inclusive development, with initiatives like the&nbsp;<strong>Rural Areas Program on Investment for Development (RAPID)<\/strong>&nbsp;targeting underserved regions and vulnerable groups.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Fundraising and Partnerships<\/strong><\/h3>\n\n\n\n<p class=\"\">BOI\u2019s international fundraising efforts commenced in 2017 with a&nbsp;<strong>$750 million loan from AFREXIM<\/strong>. Since then, the bank has raised over&nbsp;<strong>$5 billion<\/strong>&nbsp;through&nbsp;<strong>Eurobonds<\/strong>, loan syndications, and green finance instruments. Notably, it recently secured nearly&nbsp;<strong>\u20ac2 billion<\/strong>&nbsp;in a global loan syndication, the largest in BOI\u2019s history and among African Development Finance Institutions.<\/p>\n\n\n\n<p class=\"\">Strategic collaborations with organizations such as the&nbsp;<strong>Green Climate Fund<\/strong>, state governments, and trade associations (e.g., NASME and MAN) underscore BOI\u2019s focus on addressing climate challenges, expanding MSME access to finance, and fostering industrial development.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"\"><em>\u201cThe $5 billion we\u2019ve raised signifies our capacity to deliver innovative financing solutions tailored to Nigeria\u2019s unique needs,\u201d<\/em>&nbsp;said Dr. Olusi.<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Empowering MSMEs: Record Disbursements<\/strong><\/h3>\n\n\n\n<p class=\"\">BOI continues to prioritize MSME growth, setting ambitious disbursement targets for small businesses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">As of October 2024, BOI had disbursed\u00a0<strong>N107 billion<\/strong>\u00a0to\u00a0<strong>1.5 million MSMEs<\/strong>, surpassing its yearly target of\u00a0<strong>N103 billion<\/strong>.<\/li>\n\n\n\n<li class=\"\">By December 2024, the bank aims to disburse up to\u00a0<strong>N120 billion<\/strong>, impacting over\u00a0<strong>2 million MSMEs<\/strong>.<\/li>\n\n\n\n<li class=\"\">BOI plans to allocate\u00a0<strong>N3.7 billion<\/strong>\u00a0to rural businesses by Q1 2025, with expanded operations in all state capitals to enhance reach and accessibility.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Key Initiatives and Milestones<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>FGN MSME Intervention Fund<\/strong>: BOI has been appointed the executing agency for a\u00a0<strong>N200 billion fund<\/strong>, encompassing:\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>N50 billion Presidential Conditional Grant Scheme (PCGS)<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>N75 billion Manufacturing Sector Fund<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>N75 billion MSME Intervention Sector Fund<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\"><strong>RAPID Program<\/strong>: Targets financial inclusion for rural entrepreneurs, particularly women and youth.<\/li>\n\n\n\n<li class=\"\"><strong>Partnership with SMEDAN<\/strong>: Facilitates a\u00a0<strong>N1 billion fund<\/strong>\u00a0at single-digit interest rates for nano and micro-enterprises.<\/li>\n\n\n\n<li class=\"\"><strong>Price Intelligence Platform<\/strong>: Recently launched to monitor real-time food commodity prices, promoting transparency and stability in the market.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Role of MSMEs in Nigeria\u2019s Economy<\/strong><\/h3>\n\n\n\n<p class=\"\">BOI Executive Director&nbsp;<strong>Shekarau Omar<\/strong>&nbsp;emphasized the significance of Nigeria\u2019s&nbsp;<strong>39\u201340 million MSMEs<\/strong>, which surpass the populations of many African nations.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"\"><em>\u201cThis bank belongs to the MSMEs,\u201d<\/em>&nbsp;Omar declared, highlighting the sector\u2019s role in driving economic growth and innovation.<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Looking Ahead<\/strong><\/h3>\n\n\n\n<p class=\"\">BOI remains committed to its vision of building a resilient and inclusive economy, with a focus on sustainability, innovation, and equitable access to finance. As Dr. Olusi stated,&nbsp;<em>\u201cWe will continue to innovate, partner, and invest to create a better future for all Nigerians.\u201d<\/em><\/p>\n\n\n\n<p class=\"\">Source:<a href=\"https:\/\/businessday.ng\/opinion\/article\/nigerias-bank-of-industry-under-olusis-leadership-a-year-in-review\/\">msmeafricaonline<\/a><\/p>\n\n\n\n<style type=\"text\/css\">\n.img-box {\n    text-align: center;\n    background-color: #222;\n    display: none;\n}\n.wp-block-file a.wp-block-file__button {\n    text-decoration: none;\n    display: table;\n    line-height: 1.8;\n    font-size: 0.88889em;\n    font-weight: bold;\n    background-color: #0073aa;\n    border-radius: 5px;\n}\n<\/style>\n\n\n\n<p class=\"\"><\/p>","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Bank of Industry (BOI), Nigeria\u2019s foremost development finance institution, marked its 65th anniversary with the announcement of groundbreaking milestones, including mobilizing over&nbsp;$5 billion&nbsp;from international capital markets. This feat solidifies BOI\u2019s role as a critical driver of industrialization, economic development, and MSME empowerment in Nigeria. BOI\u2019s Commitment to Nigeria\u2019s Economic Transformation Speaking at the anniversary media [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11390,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"two_page_speed":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-11389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-members-news"],"acf":[],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=750%2C375&ssl=1","jetpack_sharing_enabled":true,"rttpg_featured_image_url":{"full":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=750%2C375&ssl=1",750,375,false],"landscape":["https:\/\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg",750,375,false],"portraits":["https:\/\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg",750,375,false],"thumbnail":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=300%2C150&ssl=1",300,150,true],"large":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=750%2C375&ssl=1",750,375,true],"1536x1536":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=750%2C375&ssl=1",750,375,true],"2048x2048":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=750%2C375&ssl=1",750,375,true],"trp-custom-language-flag":["https:\/\/i0.wp.com\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg?fit=18%2C9&ssl=1",18,9,true],"tenweb_optimizer_mobile":["https:\/\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1-600x300.jpg",600,300,true],"tenweb_optimizer_tablet":["https:\/\/adfi-ci.org\/wp-content\/uploads\/2024\/11\/IMG-20241121-WA0008-1-750x375-1.jpg",750,375,false]},"rttpg_author":{"display_name":"AdmAADFI","author_link":"https:\/\/adfi-ci.org\/fr\/author\/admaadfi\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/adfi-ci.org\/fr\/category\/members-news\/\" rel=\"category tag\">Members News<\/a>","rttpg_excerpt":"The&nbsp;Bank of Industry (BOI), Nigeria\u2019s foremost development finance institution, marked its 65th anniversary with the announcement of groundbreaking milestones, including mobilizing over&nbsp;$5 billion&nbsp;from international capital markets. This feat solidifies BOI\u2019s role as a critical driver of industrialization, economic development, and MSME empowerment in Nigeria. BOI\u2019s Commitment to Nigeria\u2019s Economic Transformation Speaking at the anniversary media\u2026","_links":{"self":[{"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/posts\/11389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/comments?post=11389"}],"version-history":[{"count":3,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/posts\/11389\/revisions"}],"predecessor-version":[{"id":11393,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/posts\/11389\/revisions\/11393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/media\/11390"}],"wp:attachment":[{"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/media?parent=11389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/categories?post=11389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adfi-ci.org\/fr\/wp-json\/wp\/v2\/tags?post=11389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}