The Bank of Industry reported that it disbursed over N1.27 trillion in 2024, both directly and indirectly, to businesses spanning 14 economic sectors.

The bank noted that these interventions helped create and sustain more than 900,000 jobs across the country during the year.

BoI Managing Director and CEO, Dr. Olasupo Olusi, made this disclosure on Tuesday during the virtual Day 2 session of the 10th Nigeria Energy Forum in Lagos.

Speaking through the Executive Director, Public Sector and Intervention Programme, Ms. Mabel Ndagi, Olusi emphasized that the bank remains pivotal to Nigeria’s industrialisation efforts, offering essential financing that helps businesses grow, increase value addition, and generate substantial employment.

“BoI has disbursed more than N1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024,” she said.

He highlighted the N200 billion Federal Government MSME Intervention Fund, managed by BoI, describing it as a key driver of growth for small businesses nationwide.

“The N200 billion Federal Government MSME Intervention Fund, managed by BoI, provides affordable financing to small businesses nationwide through three dedicated windows — N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and N75 billion for the Manufacturing Sector Fund,” he said.

Olusi noted that the bank’s strategic use of these funds has been instrumental in strengthening micro, small, and medium enterprises, many of which are crucial to Nigeria’s economic stability.

The BoI CEO revealed plans to boost investments in green finance, renewable energy, and circular economy initiatives, emphasizing the bank’s goal to lead in financing climate-smart manufacturing and clean energy solutions.

“The bank is also expanding investments in green finance and circular economy solutions, supporting industries that integrate renewable energy, energy efficiency, and low-carbon processes,” he said.

He stated that BoI will continue to “lead the way” in supporting renewable energy infrastructure, clean manufacturing, and environmentally sustainable industrial practices.

In October, the Bank of Industry launched a N2 billion entrepreneurship programme to provide affordable loans to National Youth Service Corps members, as part of its wider efforts to combat youth unemployment and stimulate small business growth.