The Bank of Industry (BOI) has recently solidified its commitment to advancing Nigeria’s manufacturing and SME sectors through a series of landmark agreements. In a bold move to accelerate economic growth and industrial development, BOI formalized strategic partnerships with key associations, including the Manufacturers Association of Nigeria (MAN), the Nigeria Association of Small Scale Industrialists (NASSI), and the Nigeria Association of Small and Medium Enterprises (NASME).
These partnerships underscore BOI’s dedication to supporting sustainable development and poverty alleviation, aligning with the broader vision of economic transformation in Nigeria. One of the key highlights of the agreements is BOI’s collaboration with NASSI, which will see the disbursement of N75 billion to vulnerable small-scale industrialists across the nation.
The Memorandum of Understanding (MoU) between BOI and NASSI was signed at BOI’s headquarters in Abuja, marking a significant step in providing financial assistance to sectors crucial for Nigeria’s economic growth. The move comes just two weeks after the bank extended similar financial aid to nearly 1,000 Micro, Small, and Medium-scale Enterprises (MSMEs), enhancing their productivity and contribution to national development.
Speaking at the event, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, emphasized the bank’s commitment to supporting as many MSMEs as possible, in line with President Bola Tinubu’s “Renewed Hope” agenda. “This MoU goes beyond the N75 billion fund. It represents a broader commitment to working together to achieve the mandate set forth by His Excellency, President Bola Tinubu, under his Renewed Hope agenda,” Dr. Olusi remarked.
Dr. Olusi further highlighted the importance of the partnership in transforming Nigeria’s industrial sector and supporting vulnerable entrepreneurs. “We are fully committed to this collaboration and look forward to working closely with NASSI to achieve our objectives in the SME ecosystem,” he added.
NASSI National President, Chief Solomon Vongfa, expressed gratitude for BOI’s support and pledged to ensure the success of the initiative. He noted that the N75 billion fund would have a significant impact on job creation and poverty reduction among NASSI members, many of whom operate at the grassroots level. “This fund is going to boost job creation and reduce poverty. We are determined to make this project a success,” Chief Vongfa stated.
Acknowledging the magnitude of the initiative, Chief Vongfa emphasized that while the fund may not cover all members, it would serve as a crucial first step in empowering vulnerable MSMEs across Nigeria. “A journey of a thousand kilometers starts with a single step. We believe this intervention will make a meaningful difference for Nigerian MSMEs,” he said.
The Director General of NASSI, Chris Oputa, also expressed optimism about the partnership, assuring that the funds would be allocated to those who genuinely need financial reinforcement. He commended BOI for responding to NASSI’s persistent advocacy for support to small-scale industrialists. “Today’s MoU is a result of our continuous advocacy with BOI. We are proud to bring real vulnerable entrepreneurs to benefit from this fund,” Oputa commented.
BOI’s efforts, supported by strategic partnerships, continue to position the bank as a key driver in Nigeria’s economic revitalization, particularly within the SME and manufacturing sectors. By working hand in hand with industry associations and providing targeted financial support, BOI is paving the way for sustainable industrial growth and long-term prosperity for Nigerian businesses.
