The Bank of Industry, BOI, has said about 140 manufacturing companies across Nigeria will receive loans of up to ₦1 billion under the Federal Government’s ₦75 billion Manufacturing Sector Fund.
Speaking during the Bank’s inaugural annual public lecture series, Mr Olasupo Olusi, the Managing Director and Chief Executive Officer of the BOI, said the loans will be provided at single-digit interest rates and disbursed to beneficiaries based on the enterprise’s capacity and size.
According to him, the scheme is part of the government’s efforts to support large production enterprises and bolster economic growth through increased industrial capacity.
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Mr Olusi added that the funds have already been fully allocated to successful applicants across Nigeria’s six geopolitical zones, with disbursements underway.
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