BoI Disburses N496.717bn To 75,809 Beneficiaries, Generates 2m Jobs

The Bank of Industry (BoI) has made substantial strides in its mission to stimulate job creation and economic growth across Nigeria. At its 64th Annual General Meeting held in Abuja, yesterday, the BoI announced a remarkable disbursement of N496.717 billion to 75,809 beneficiaries, leading to the creation of approximately 2.2 million direct and indirect jobs nationwide.

Chairman of the Shareholders Committee, Mallam Muhammed Bala, who made this disclosure, also highlighted the Bank’s impressive financial growth, reporting that total assets surged by 64.6 per cent from N2.37 trillion to N3.91 trillion. This growth underscores the BoI’s strengthened financial foundation and its enhanced capacity to support Nigeria’s industrial sector.

In an unprecedented achievement, the Bank’s profit before tax increased by 117.69 per cent, soaring from N70.7 billion to N153.81 billion. This represents the highest profit in the Bank’s history.

Additionally, loans and advances saw a substantial increase of 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively, reflecting the BoI’s expanded financial interventions and support for businesses.

The Bank’s total equity also experienced significant growth, increasing by 57.7 per cent from N427 billion to N678 billion, reinforcing its financial stability and capacity for future investments.

Mallam Bala reaffirmed the BoI’s dedication to Nigeria’s industrial growth, aligning its efforts with President Tinubu’s Renewed Hope Agenda and the National Development Plan (2021-2025).

He stated that the Bank would continue to implement its medium-term corporate strategy for 2022-2024 to sustain its trajectory of supporting the nation’s industrial development.

Managing director of BoI, Dr. Olasupo Olusi, noted that the Bank’s various disbursement lines and managed intervention programs, including the Smallholder Farmer Financing Product, MSME Distributor Finance Programme, Fintech/Digital Lending Product, and Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES), have significantly contributed to economic recovery and job creation.

These initiatives have empowered Nigerian enterprises, especially micro and small businesses, to remain operational and sustainable.

He said as the BoI looks to the future, it remains committed to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria, continuing its role as a critical driver of the nation’s economic progress.