The Bank of Industry, or BOI, wants to help companies in Nigeria make more things. They have a big plan to give money to 140 companies that make products. Each company can get up to N1 billion. This is all part of a bigger plan where the government is offering N75 billion to help factories and manufacturers.
The head of BOI, Mr. Olasupo Olusi, talked about this plan at a big meeting in Abuja. He said it’s to help companies make more products, grow the economy, and create jobs for people.
Mr. Olusi said, “Around 140 companies will get loans up to N1 billion. The interest on these loans will be very low.”
“All the money has already been assigned to the companies that got approved from different parts of Nigeria, and the funds have started being given out.”
“To be fair, we are working with the Manufacturers Association of Nigeria to make sure that only real manufacturing companies get the loans. This helps check that the right people are getting help.”
Mr. Olusi explained that giving these low-interest loans is to help businesses make more goods, hire more people, and keep growing in a healthy way. He mentioned that BOI has already given out N77.65 billion in loans to nearly 1,000 small businesses in various parts of Nigeria.
He said that these efforts match with the government’s plan to cut down poverty and make sure there’s enough food, by helping businesses that help the economy and create jobs.
Mr. Olusi also talked about something called the BOI PriceSense NG platform. It’s like an online tool that gives live information about prices of things in Nigeria.
He said, “This tool will help keep prices steady, protect people who buy goods, and help guide decisions about food supply issues.”
“We are launching the BOI PriceSense NG, which is like a price guide that you can check on your phone to see how food prices are changing everywhere in Nigeria.”
“These ideas show that we want to do important studies, come up with new ideas, and always be clear about what we do,” he shared.
Important Things to Know
Last year, the President of Nigeria shared some plans to help people and businesses of all sizes. He said there would be a grant of N50,000 for small businesses and N75 billion in low-interest loans for manufacturers. This is because the cost of doing business in Nigeria is high, and many people face expensive prices for goods.
In December 2023, Dr. Doris Uzoka-Anite, who is the Minister of Industry, Trade, and Investment, said the government is setting up the N75 billion Presidential Palliative Loan Programme. This program is for small businesses, with another N75 billion especially for those who make things.