Forging a Path to Prosperity: Nigerian MSMEs to Benefit from N75bn BOI-NACCIMA Intervention
In a significant step towards revitalising Nigeria’s small business sector, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Bank of Industry (BOI) have formalised a partnership to disburse a N75 billion intervention fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) nationwide.
The Memorandum of Understanding (MoU) was signed on Thursday in Lagos by NACCIMA President Dele Oye and BOI Managing Director Dr Olasupo Olusi. The initiative is expected to address critical funding challenges facing Nigerian businesses and catalyse growth across various industries.
Dr Olusi described the MoU as a testament to the shared vision of creating a more accessible financing ecosystem. “With the support of NACCIMA, we believe we can expand our reach and magnify our impact,” he said.
A Catalyst for Change
Speaking at the event, Oye lauded the BOI’s pivotal role in Nigeria’s industrial transformation, describing it as an “engine of growth” and a “beacon of hope” for entrepreneurs. He emphasised the importance of the partnership, calling it a turning point for the country’s economic future.
“As the apex chamber of commerce in Nigeria and the largest business organisation in West Africa, NACCIMA has always championed policies that elevate the business environment and invigorate the entrepreneurial spirit,” Oye remarked.
He added that the intervention fund would bolster industries ranging from agriculture and food processing to creative sectors, healthcare, and renewable energy. “A thriving industrial sector is not just about balance sheets; it’s about people—the farmer, the innovator, the entrepreneur, and the small business owner who dreams of shaping the future,” he said.
A Call for Greater Support
While praising the BOI’s contributions, Oye underscored the need for increased funding and resources to amplify its impact. He urged stakeholders to unite in strengthening the bank’s capacity to support a broader range of businesses.
“Together, we can cultivate an ecosystem where industries thrive, innovation flourishes, and Nigeria takes its rightful place on the global stage,” Oye said, calling the MoU “a declaration of our intent to build a future where businesses can thrive, jobs can be created, and our economy can prosper.”
A Future of Collaboration
The intervention fund is expected to provide long-term financing and advisory services to MSMEs, which form the backbone of Nigeria’s economy. As Oye noted, “This journey ahead is one of collaboration, commitment, and courage. Let us embrace this opportunity with unwavering resolve and a shared vision for a better tomorrow.”
For millions of small businesses, the agreement represents more than financial support—it offers hope for a resilient, dynamic, and inclusive economy that can compete on a global scale.
