The Bank of Industry (BoI) has announced plans to disburse ₦120 billion to two million micro, small, and medium enterprises (MSMEs) by the end of 2024. The update was shared during a press conference marking the institution’s 65th anniversary.
Shekarau Omar, BoI’s Executive Director for MSMEs,while highlighting that the bank had initially set a target of ₦103 billion for 1.5 million MSMEs but surpassed this by disbursing ₦107 billion as of October added that the increase reflects the bank’s expanded efforts to support small businesses across Nigeria.
Mr. Omar noted the significance of Nigeria’s MSME sector, which comprises an estimated 39 to 40 million businesses—outnumbering the populations of 39 African nations.
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While emphasising the critical role these enterprises play in driving the country’s economic growth, he reaffirmed the BOI’s commitment to supporting MSMEs, empowering more businesses and boost entrepreneurship as a catalyst for economic development.
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