The Bank of Industry (BoI) has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, as part of the Federal Government’s N200 billion loan scheme for MSMEs and manufacturing businesses.
BoI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, disclosed this during a meeting with members of the Gombe business community. He noted that the initiative is a key component of the government’s broader strategy to drive national economic growth and empower entrepreneurs.
“Out of nearly 900,000 beneficiaries across Nigeria’s six geopolitical zones, over 16,696 individuals from Gombe State have benefited, with total disbursements amounting to N2.25 billion,” Olusi stated.
He described the fund as a historic step by President Bola Tinubu’s administration to revitalize the manufacturing sector and stimulate MSME growth nationwide.
“This is a significant investment in Nigeria’s future and a clear demonstration of our commitment to unlocking the full potential of the commercial sector,” Olusi said.
He emphasized the vital role of MSMEs in economic development, noting that they constitute 96% of businesses in Nigeria, contribute 84% of employment, and account for nearly 50% of the country’s GDP.
According to him, the BoI is working to ensure that the program not only enhances access to finance but also acts as a catalyst for job creation, innovation, and wealth generation — particularly among young entrepreneurs.