The Bank of Industry (BoI) has offered $750 million from international banks and N800 million from the Nigerian Content Board to manufacturers that operate within the country.
B0I’s Managing Director, Kayode Pitan who made the disclosure, said the Development Finance Institution offered the fund to support emerging industries, such as the creative arts, renewable energy, biogas, and gender owned business at a single digit with long gestation, unlike the conventional banks.
Pitan, who was represented by the General Manager, Large Enterprise, Joseph Babatunde enjoined local operators in agro-processing, solid minerals, movies, and theatres to harness the low-interest loans to grow their businesses.
MSMEs contribute over 50 per cent to the Gross Domestic Product (GDP) and employs over 80 per cent of the productive workforce and should be supported if the economy must grow.
It had been reported BoI’s provision of N400 million to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS). The fund which would be made available quarterly for local manufacturers to promote locally made products that are of international standards
The scheme targeted at over 150,000 artisans, will see beneficiaries accessing the funds for the procurement of materials for expansion and to improve production which is expected to boost import substitution.
BoI is fulfilling its mandate of providing financial assistance for the establishment of large, medium and small projects, as well as their expansion.
BoI also unveiled a ₦1 billion fashion fund aimed at supporting fashion entrepreneurs in June.
The fund is specifically designed to benefit those involved in the production and marketing of fashion items such as clothes, handbags, shoes, jewellery/accessories etc. It was also expected to support initiatives that can improve financial literacy and industrial entrepreneurship development for players in the fashion industry.
The BoI fashion fund, which comes in the form of loans, targets three categories of fashion entrepreneurs which are retailers, wholesalers, and distributors.