The Bank of Industry (BoI) continues its commitment to fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) with the launch of new initiatives aimed at addressing poverty and food insecurity. The institution hosted its inaugural Annual Public Lecture Series yesterday, themed “The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria.” This milestone event featured a series of impactful launches and a keynote address by Professor Akpan Ekpo, who emphasized the critical role of MSME financing in boosting economic growth.
As part of its strategic efforts to deepen transparency and efficiency in service delivery, the BoI launched two new publications and digital tools designed to enhance the capacity of MSMEs:
BOI Journal of Development Finance (Technical) – a detailed resource focused on MSME policy, development finance, and industrial growth, serving researchers, policymakers, and industry practitioners.
BOI Journal of Development Review (Non-Technical) – offering accessible insights into the same fields for broader audiences, aiming to drive informed decisions across sectors.
In addition to these thought leadership journals, BoI unveiled two digital tools:
BOI PriceSense NG – a price intelligence platform that provides real-time monitoring of price fluctuations in food commodities across Nigeria. The platform aims to promote market transparency and assist policymakers in tackling food insecurity.
BOI Mobile App – a new interface designed to streamline service delivery, making BoI’s products and services more accessible to MSMEs nationwide.
BoI’s Managing Director/CEO, Dr. Olasupo Olusi, highlighted the institution’s unwavering focus on supporting MSMEs, which account for 97% of Nigerian businesses and contribute significantly to employment and GDP. However, many MSMEs still face challenges accessing affordable financing. To address this, BoI, in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), launched a N1 billion support fund aimed at providing low-interest loans to Nano and Micro enterprises.
Under the new initiative, Nano businesses can access up to N1.5 million, while Micro businesses can secure up to N2.5 million. These loans come with competitive interest rates, with working capital loans priced at 7.5% and term loans at 5%, and a 24-month repayment window. Dr. Olusi emphasized that beyond financing, the initiative includes technical support and capacity-building programs to help MSMEs thrive in the long term.
Dr. Olusi also noted that the fund aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on economic diversification and industrialization through robust MSME support. He underscored BoI’s broader strategy, which encompasses six thematic areas: MSMEs, the digital economy, youth and skills development, climate and sustainability, infrastructure, and gender inclusion.
In addition to MSME support, BoI is working on strengthening larger enterprises. Dr. Olusi revealed that the bank’s N75 billion Manufacturing Sector Fund is providing loans of up to N1 billion to over 140 manufacturing companies across Nigeria. These loans, which also feature single-digit interest rates, are designed to enhance Nigeria’s manufacturing sector and drive industrial growth.
A critical component of BoI’s MSME support is its Rural Area Programme on Investment for Development (RAPID). The RAPID initiative provides rural MSMEs with low-interest loans at just 5%, with a flexible repayment tenor of up to three years. Dr. Olusi highlighted RAPID’s success in creating jobs, curbing youth restiveness, and promoting economic growth in underserved regions. The government plans to expand the program by developing 300 new MSMEs in each state, including the Federal Capital Territory, resulting in 11,100 new rural-based businesses nationwide.
Speaking at the event, Nigeria’s Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, praised the BoI’s efforts to uplift MSMEs, particularly in the face of rising global food security challenges. Dr. Uzoka-Anite highlighted the importance of MSMEs, which represent over 90% of businesses in the country and are vital for job creation, innovation, and local economic growth.
In light of the global food security crisis, exacerbated by climate change, conflicts, and the aftermath of the COVID-19 pandemic, the minister lauded BoI’s launch of the BOI Price Intelligence Platform as a crucial step towards enhancing food supply chain transparency.
Dr. Uzoka-Anite called for greater collaboration between development finance institutions, financial bodies, and international partners to provide MSMEs with the financial inclusion and technical assistance they need to thrive. She reaffirmed the ministry’s dedication to promoting initiatives like the Presidential Loans and Grant Scheme and the Agri-Business Development and Empowerment Programme (ADEP), which empower MSMEs in agriculture and create sustainable career paths for Nigerian youth and women.
The BoI Annual Public Lecture Series set a new tone for MSME support in Nigeria, emphasizing the role of collaboration, innovation, and targeted financing in driving the country’s economic growth and resilience.
