The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture and the Bank of Industry have signed a Memorandum of Understanding to disburse a N75bn intervention fund to support Micro, Small, and Medium Enterprises nationwide.
The deal was sealed on Thursday, between the NACCIMA President, Dele Oye, and the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, at BOI’s office, in Lagos.
Olusi, who expressed optimism about the partnership noted that the MoU was a reinforcement of the commitment to create a more vibrant and accessible financing environment for Nigerian businesses.
“With the support of NACCIMA, we believe we can expand our reach and magnify our impact,” he said.
Addressing journalists at the event, Oye described the BOI as an engine of growth, and a catalyst for transformation in Nigeria’s industrial landscape, noting that the intervention will help address the funding challenges of MSMEs.
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 further acknowledged the critical role that the Bank of Industry has played as a beacon of hope, an engine of growth, and a catalyst for transformation in Nigeria’s industrial landscape.
He added, “The BOI’s commitment to providing financial and advisory support to our industries resonates deeply with our vision at NACCIMA. By extending long-term financing and expert advisory services, the BOI has empowered large, medium, and small enterprises alike, galvanising growth across a diverse array of sectors, from agro and food processing to creative industries, healthcare, and renewable energy.
“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 asserted that with a history that reflects over six decades of dedication to Nigeria’s development financing, the BOI has continuously evolved to meet our country’s changing needs.
“However, this evolution relies significantly on our collective efforts as stakeholders. NACCIMA stands ready to strengthen its partnership with the BOI, to be its advocate, and to rally our members and the broader business community in providing the necessary support for our shared goal: a resilient, dynamic, and inclusive economy.”
“Together, we can cultivate an ecosystem where industries thrive, where innovation flourishes, and where we, as a nation, take our rightful place as a key player on the global stage. Let us work hand in hand to enhance the Bank of Industry’s capacity, ensuring it continues to fund the dreams of our entrepreneurs and the aspirations of our economy for generations to come.”
“In closing, let us recognise that the journey ahead is one of collaboration, commitment, and courage. The MOU we sign today is not merely a document; it is a declaration of our intent to build a future where businesses can thrive, jobs can be created, and our economy can prosper. Let us embrace this opportunity with unwavering resolve and a shared vision for a better tomorrow,” the NACCIMA boss stated.