The Bank of Industry (BOI) has reaffirmed its dedication to boosting small business growth by disbursing ₦900 million to 262 Micro, Small, and Medium Enterprises (MSMEs) in the Federal Capital Territory (FCT) as part of its ongoing ₦75 billion intervention fund.
This disclosure was made during a high-level Presidential Loan Clinic for MSMEs held in Abuja, an event convened by the BOI in collaboration with the Office of the Special Adviser to the President on MSMEs and Job Creation.
BOI Managing Director and CEO, Olasupo Olusi, represented by Mr. Yinka Adegboye, Division Head of Multilaterals, stated that a total of ₦2.9 billion has been approved for 662 businesses in the FCT, with ₦900 million already disbursed to 262 qualifying companies.
Olusi highlighted that while several businesses have received disbursements, others are pending due to incomplete documentation and compliance issues, urging entrepreneurs to resolve these bottlenecks for quicker access.
“Our goal is to ensure that every eligible Nigerian entrepreneur accesses this fund,” Olusi explained. “This initiative goes beyond just loan disbursement; it focuses on capacity building, impact monitoring, and sustainable growth.”
The fund, backed by a presidential directive, aims to create over 75,000 direct jobs and 150,000 indirect jobs across Nigeria while increasing GDP contributions from the MSME sector.
BOI Regional Manager for the North Central region, Nasiru Ozovehe, emphasized that the programme is targeted at formally registered businesses with growth potential. He reiterated that the maximum loan amount per MSME is ₦5 million, and only companies with proper documentation are eligible.
During the clinic, the Special Adviser to the President on MSMEs and Job Creation, Temitola Adekunle-Johnson, stressed that the government’s objective is not merely financial but also structural.
“The goal is to make the money work for your business, promote job creation, and ensure sustainable development. The BOI is directly assisting applicants to overcome documentation challenges and maximize fund utilization,” he said.
A major highlight of the event was a testimony from Damilola Afolabi, CEO of The Ladies Empire, who described how the loan had been pivotal in acquiring equipment, hiring more staff, and expanding operations.
“This intervention came just at the right time. The 9% interest rate, three-year repayment period, and three-month moratorium gave us breathing room,” Afolabi shared.
Participants also received comprehensive updates on loan requirements, monitoring expectations, and progress evaluations. The BOI emphasized that the fund is intended to create a robust MSME ecosystem that contributes significantly to national development, especially considering that Nigeria boasts over 39 million MSMEs, contributing nearly 50% of the GDP and generating more than 80% of employment.
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