The Bank of Industry (BoI) has provided ₦2.25 billion in financial support to 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State. This disbursement is part of the ₦200 billion Federal Government loan initiative targeting MSMEs and manufacturers across Nigeria.
Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of BoI, shared this update during a meeting with entrepreneurs and business owners in Gombe. He stated that the scheme has already benefitted nearly 900,000 people across Nigeria’s six geopolitical zones, with over ₦107 billion disbursed through the bank so far.
He described the initiative as a major step by President Bola Tinubu’s administration to empower small businesses and revive local manufacturing as a strategy to stimulate economic growth. According to Olusi, MSMEs are vital to the country’s progress, noting they represent 96% of Nigerian businesses, contribute 84% of employment, and about half of the nation’s GDP.
He emphasized that the bank’s goal is to use the scheme to drive job creation, support innovation, and build wealth—particularly among young entrepreneurs who are reshaping the business landscape.
