NACCIMA, BOI Seal Deal for Disbursement of N75 Billion Intervention Fund for MSMEs

Emmanuel Addeh in Abuja

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 Oye and the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, at BOI’s office, in Lagos, a statement from the association said.

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.”

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.

According to him, it will also galvanise the growth across a diverse array of sectors, from agro and food processing to creative industries, healthcare, and renewable energy, among others.

“As the apex chamber of commerce in Nigeria and the largest business organisationin 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.

“Today, as we sign this MoU, we acknowledge the critical role that the BOI 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,” Oye said.

However, he said that if the full potential of the nation must be reached,  there must be more advocacy for increased funding and robust resources for the BOI to enable the bank to extend its reach, amplify its impact, and support more businesses in realising their visions.

“A thriving industrial sector is not just a story of numbers and balance sheets; it is about people. It is about the farmer who dreams of processing and exporting the finest organic produce, the innovator with a groundbreaking idea and the entrepreneur poised to revolutionise our creative industries.

“It’s about the small business owner who believes that her hard-earned dreams can shape the future. These are the voices we must lift, and these are the dreams we must support.

“With a history that reflects over six decades of dedication to Nigeria’s development financing, the BOI has continuously evolved to meet our country’s changing needs. However, this evolution relies significantly on our collective efforts as stakeholders. 

“NACCIMA stands ready to strengthen its partnership with the BOI, to be its advocate, and to rally our members and the broader business community in providing the necessary support for our shared goal: a resilient, dynamic, and inclusive economy,” he added.

Oye urged parties to cultivate an ecosystem where industries thrive, where innovation flourishes, and where the nation takes its rightful place as a key player on the global stage. 

“In closing, let us recognise that the journey ahead is one of collaboration, commitment, and courage. The MOU we sign today is not merely a document; it is a declaration of our intent to build a future where businesses can thrive, jobs can be created, and our economy can prosper.

“Let us embrace this opportunity with unwavering resolve and a shared vision for a better tomorrow,” the NACCIMA boss charged.