*Olasupo Olusi: intervention will strengthen local manufacturing, support country’s transition towards more resilient, sustainable economy
*Signs agreement with IFC to assess development of major conference, exhibition hub in Abuja
James Emejo in Abuja and Nume Ekeghe in Lagos
Bank of Industry (BoI) has secured a $200 million sovereign-guaranteed financing facility from African Development Bank Group (AfDB) to boost long-term funding for businesses operating in strategic sectors of the Nigerian economy.The approval, granted by AfDB Board of Directors, will boost BoI’s capacity to provide medium-to-long-term financing to enterprises in sectors considered critical to the federal government’s industrial transformation agenda, including infrastructure and transport, agro-food processing, healthcare and pharmaceuticals, as well as green industrialisation.
A major component of the intervention will target small and medium-sized enterprises (SMEs), particularly women-owned and youth-led businesses, with at least 30 per cent of the facility expected to support Nigerian SMEs.Separately, BoI and International Finance Corporation (IFC) signed a cooperation agreement to advance the development of the Abuja Conference and Exhibition Arena (ACE Arena), a planned world-class conference and exhibition complex in Abuja.
