BoI plans N120bn support for MSMEs, raises $5bn

BoI plans N120bn support for MSMEs, raises $5bn

The managing director of the Bank of Industry, Olasupo Olusi, says the bank has raised over $5 billion from the international capital markets through Eurobonds, loan syndications, and green finance instruments since 2017.

Mr Olusi disclosed this on Thursday at the BoI’s 65th anniversary news conference in Lagos.

He highlighted the bank’s evolution from its establishment as the Investment Company of Nigeria in 1959 to its transformation into the BoI in 2001.

Mr Olusi noted that the bank also concluded global loan syndication that raised not less than €2 billion in November, the largest fundraising in BoI’s history and the largest syndication in the history of African DFIs.

He explained that the bank achieved milestones over the years due to its partners.

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According to him, BoI has established strategic partnerships with key local public and private institutions as well as global financial and multilateral institutions to enable the bank to fulfil its mandate effectively.

Mr Olusi added that in November 2023, the federal government appointed the bank as the executing agency for the $200 billion FGN MSME Intervention Fund.

This included a 50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.

According to him, in the last 12 months, the bank has also revised its strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Tinubu’s ‘Renewed Hope Agenda’ and in response to emerging macroeconomic issues.

 

BoI plans N120bn support for MSMEs, raises $5bn

(NAN)