NACCIMA, BOI sign agreement for N75bn MSME intervention fund
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) across Nigeria.
The Memorandum of Understanding (MoU) was signed on Thursday at the BOI’s office in Lagos, with the NACCIMA president, Dele Kelvin Oye, and the Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, both present at the event.
Olusi expressed his optimism about the collaboration, stating, “Today’s MOU is a reinforcement of our commitment to creating a more vibrant and accessible financing environment for Nigerian businesses. With the support of NACCIMA, we believe we can expand our reach and amplify our impact.”
In his remarks to journalists, Oye described BOI as a pivotal institution in Nigeria’s industrial landscape, noting that the intervention fund would address the funding challenges faced by MSMEs. He highlighted that the initiative would support sectors ranging from agro and food processing to creative industries, healthcare, and renewable energy.
“It is indeed a great honour to stand before you today as the President of NACCIMA, as we sign this significant MoU with the Bank of Industry,” Oye said. “Today, we do not simply gather; we forge bonds, kindle partnerships, and reaffirm our collective commitment to the growth and sustenance of our nation’s economy.”
Oye emphasised that NACCIMA has always been at the forefront of advocating for policies that elevate Nigeria’s business environment and foster the growth of local enterprises. “Our broadest objective is clear—to champion the cause of commerce and industry so that Nigerian businesses can thrive in a competitive global landscape,” he added.
He further noted that the partnership with BOI would help strengthen Nigeria’s economy, stressing that a thriving industrial sector is about more than just financial success. It involves empowering people—from farmers aiming to export organic produce to entrepreneurs revolutionising the creative industries.
Oye concluded by urging continued support for BOI to enhance its capacity, calling for increased funding and resources to ensure that the bank can continue supporting businesses and driving economic growth. “Together, we can cultivate an ecosystem where industries thrive, innovation flourishes, and our nation takes its rightful place as a key player on the global stage,” he said.
