N75bn intervention fund open to all MSMEs – BoI

The Bank of Industry has reiterated its commitment to improving access to affordable financing, adding that the N75bn intervention fund is open to all MSMEs to access and contribute their quota to growth and development. The BoI added that the fund is targeted at creating over 75,000 direct jobs and 150,000 indirect jobs nationwide. The […]

The Bank of Industry has reiterated its commitment to improving access to affordable financing, adding that the N75bn intervention fund is open to all MSMEs to access and contribute their quota to growth and development.

The BoI added that the fund is targeted at creating over 75,000 direct jobs and 150,000 indirect jobs nationwide.

The Bank made the disclosure at the Presidential Loan Clinic for MSMEs held over the weekend in Abuja where top government officials, industry stakeholders, and beneficiaries gathered to deliberate on the progress and challenges surrounding the loan initiative.

Speaking at the event, the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, provided clarity on the implementation status of the fund.

He was represented by Mr. Yinka Adegboye, Divisional Head, Multilaterals Division.

While loans have been approved for many applicants, he said some disbursements are being delayed in some cases due to incomplete documentation and other compliance gaps that could easily be resolved.