The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture and the Bank of Industry have entered into a Memorandum of Understanding to disburse a N75 billion intervention fund.
The deal was formalized on Thursday at the Bank of Industry’s office in Lagos, where NACCIMA President, Dele Oye, and BOI Managing Director and CEO, Dr. Olasupo Olusi, signed the MOU.
Olusi expressed confidence in the partnership, stating that the MoU strengthens the commitment to creating a more dynamic and accessible financing environment for Nigerian businesses.
He emphasized that the initiative aims to tackle the funding challenges faced by MSMEs and support their growth and sustainability.
“With the support of NACCIMA, we believe we can expand our reach and magnify our impact,” he said.
In his address to pressmen, Oye described the Bank of Industry as an engine of growth and a catalyst for transformation in Nigeria’s industrial landscape.
He emphasized that the intervention fund would help address the funding challenges faced by MSMEs, contributing to their development and success.
He said, “It is indeed a great honour to stand before you today as the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture at this significant occasion of our Memorandum of Understanding signing with the Bank of Industry. Today, we do not simply convene; we gather to forge bonds, to kindle a partnership, and to reaffirm our collective commitment to the growth and sustenance of our nation’s economy.
“As the apex chamber of commerce in Nigeria and the largest business organisation in 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.”
Oye also recognized the pivotal role the Bank of Industry has played, calling it a beacon of hope, an engine of growth, and a catalyst for transformation in Nigeria’s industrial sector.
He commended the bank for its vital contribution to the country’s industrial development.
“However, we find ourselves at a crossroads, a moment where we must seize the opportunity to enhance the Bank of Industry’s capacity to support our economy further. If we are to realise the full potential of this great nation, we must advocate for increased funding and robust resources for the BOI. This will 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, the entrepreneur poised to revolutionise our creative industries, and yes, 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.”
Oye stated that, with a history spanning over six decades of dedication to Nigeria’s development financing, the BOI has consistently evolved to address the country’s changing needs.
