29 manufacturers have reportedly received N22.89 billion from the Bank of Industry (BOI). The funds are a portion of the N75 billion Manufacturing Sector Impact Fund.
Olasupo Olusi, its managing director, said this on Monday during the first BOI interactive session with the organized private sector in Abuja, which was televised.
Twenty other projects totaling N6.3 billion were in various stages of disbursement out of the N75 billion manufacturing sector budget, according to Mr. Olusi.
The interactive session, according to him, was a cooperative milestone that reflected a common goal of developing a strong industrial sector.
A Memorandum of Understanding (MOU) was recently inked between your prestigious associations and us.
The fact that we cannot change Nigeria’s industrial landscape on our own is shown by this agreement.
The pursuit of sustainable economic growth necessitates cooperation, creativity, and a common determination to tackle systemic issues, he stated.
By working together on the federal government’s lending program, the bank has already started to make progress under the inked agreement, according to the BOI MD.
He claimed that everyone was pushed to reconsider how they collaborated by the event’s topic, “Driving SME Development through Strategic Partnerships.”
According to Mr. Olusi, in actuality, this meant shared responsibility because the bank’s function extended beyond lending money to include creating an atmosphere that allowed businesses to prosper.
This entails tackling market accessibility, regulatory obstacles, and infrastructure deficiencies.
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However, these efforts need to be informed by your knowledge and insights.
In terms of collaborative innovation, we need to cooperate in order to establish technology, sustainability, and skill development as the three main pillars of SME expansion.
“Your operations, your most pressing challenges, how we can further align our programs with your needs, and the creative solutions we can pursue together to accelerate growth are our top priorities,” he stated.
Mr. Olusi asked the organized private sector to remember the six impact areas that BOI was concentrating on in accordance with President Bola Tinubu’s updated Hope Agenda.
