The FG through the Bank of Industry (BOI)has set aside N235 billion intervention fund for re-financing and restructuring of banks’ loans to the manufacturing sector.
About Bank Of Industry
The Bank of Industry (BOI) was established by the Federal Government of Nigeria with the mandate of providing financial assistance (Loan) for the establishment of large, medium and small projects / enterprises as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones in the country
It also provide access to funds for;
- startups,
- SMEs, and
- large enterprises. And by access, we mean that we facilitate the entire process, right from pre loan application.
The objectives of the Fund are to:
- Fast-track the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers.
- Improve the financial position of the Deposit Money Banks (DMBs).
- Increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
The FG has commenced the registration for 2021 batch of the Bank of Industry loan application, as it stands now application are ongoing for registration.
BOI/CBN Intervention Fund 2021/2022
The BOI/CBN Intervention Fund is divided into two;
N235 Billion CBN Intervention Fund for Manufacturing Re-Financing And Restructuring Facilities Of Banks’ Loans.
These Guidelines relate to the N235 billion intervention fund for re-financing and restructuring of banks’ loans to the manufacturing sector (The Fund).
The objectives of the Fund are to:
- Fast-track the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers.
- Improve the financial position of the Deposit Money Banks (DMBs).
- Increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
N300 Billion CBN Power and Airline Intervention Fund (PAIF)
The objectives of the Fund are to:
- Fast-track the development of electric power projects, especially in the identified industrial clusters in the country;
- Fast-track the development of the aviation sector of the Nigerian economy by improving the terms of credit to Airlines;
- Improve power supply, generate employment, and enhance the living standard of the citizens through consistent power supply;
- Provide leverage for additional private sector investments in the power and aviation sectors.
How to Apply for the BOI/CBN Intervention Fund 2021/2022
The application process can be done both offline and online.
For those who may prefer to do it offline should visit any branch across Nigeria for registration and documentation.
