.Targets agro-processing, creative industries, others
Eromosele Abiodun
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Bank of Industry (BOI) yesterday signed a Memorandum of Understanding (MoU) for the disbursement of a N75 billion intervention fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across the country.
The deal was sealed between the NACCIMA President, Dele Kelvin Oye Esq., and the Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, at BOI’s office, in Lagos.
Olusi, who expressed optimism about the partnership noted, “Today’s MOU is a reinforcement of our commitment to create a more vibrant and accessible financing environment for Nigerian businesses. With the support of NACCIMA, we believe we can expand our reach and magnify our impact.”
Addressing journalists at the event, Oye described the BOI as an engine of growth, and a catalyst for transformation in Nigeria’s industrial landscape, noting that the intervention will help address the funding challenges of MSMEs, while galvanizing growth across a diverse array of sectors, from agro and food processing to creative industries, healthcare, and renewable energy, among others.
According to him, “It is indeed a great honour to stand before you today as the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) at this significant occasion of our Memorandum of Understanding signing with the Bank of Industry (BOI). Today, we do not simply convene; we gather to forge bonds, to kindle a partnership, and to reaffirm our collective commitment to the growth and sustenance of our nation’s economy.
“As the apex chamber of commerce in Nigeria and the largest business organization in West Africa, NACCIMA has always stood on the frontline of advocating for policies and practices that elevate the business environment and invigorate the entrepreneurial spirit across our land. Our broadest objective is clear—to champion the cause of commerce and industry so that Nigerian businesses can thrive in a competitive global landscape. We are driven by the belief that a prosperous business community is the bedrock of a prosperous nation.”
Oye further noted, “Today, as we sign this MOU, we acknowledge the critical role that the Bank of Industry has played as a beacon of hope, an engine of growth, and a catalyst for transformation in Nigeria’s industrial landscape. The BOI’s commitment to providing financial and advisory support to our industries resonates deeply with our vision at NACCIMA. By extending long-term financing and expert advisory services, the BOI has empowered large, medium, and small enterprises alike, galvanizing growth across a diverse array of sectors—from agro and food processing to creative industries, healthcare, and renewable energy.
“However, we find ourselves at a crossroads—a moment where we must seize the opportunity to enhance the Bank of Industry’s capacity to support our economy further. If we are to realize the full potential of this great nation, we must advocate for increased funding and robust resources for the BOI. This will enable the bank to extend its reach, amplify its impact, and support more businesses in realizing their visions.
Last modified: December 20, 2024
