BoI disburses N2.25bn to 16,696 MSMEs in Gombe

The Bank of Industry (BoI) has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State.

Managing Director/Chief Executive Officer of BoI, Dr. Olasupo Olusi, who disclosed this a meeting with the Gombe business community, said the disbursement is part of the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing businesses.

According to him, nearly 900,000 beneficiaries in Nigeria’s six geopolitical zones have received over N107 billion from the scheme through the bank.

“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said. Olusi described the setting up of the fund as a historic move by the administration of President Bola Tinubu in an effort to empower MSMEs and revitalize Nigeria’s manufacturing sector as part of a larger plan for national economic growth. 

He said that the plan is a significant investment in Nigeria’s future and a dedication to maximizing the potential of the commercial sector.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi added.

He noted that MSMEs make up 96% of Nigerian companies, contributes 84% of jobs, and about 50% of GDP.

According to him, BoI is trying to make sure the program serves as a stimulant for employment, creativity, and wealth, particularly for young business owners

Source: Vanguard