By Atoyebi Nike
BoI Boss Hails New Era for Entrepreneurs
A new partnership between the Bank of Industry (BoI), the Lagos State Government, and Sterling Bank Plc is set to unlock fresh financing opportunities for Micro, Small and Medium Enterprises (MSMEs) in Lagos.
Speaking at the signing of the Memorandum of Understanding (MoU) for the Lagos State Access to Finance for SMEs Through Cooperatives, BoI Managing Director, Dr. Olasupo Olusi, described the agreement as a turning point in efforts to empower entrepreneurs in the state.
Dr. Olusi said the initiative aims to break long-standing barriers to finance, increase access and promote inclusion for Lagos-based entrepreneurs.
“This strategic effort will unlock the creativity, resilience, and potential of Lagos’ MSMEs,” Olusi noted. “We know that MSMEs are the engine of economic growth, but without access to capital, their growth is stifled. This programme is designed to change that.”
The new scheme focuses on key sectors including healthcare, agribusiness, manufacturing, creative industries, and the digital economy. A unique aspect of the programme is its full integration with digital technology—from application to fund disbursement—ensuring transparency and faster access.
To reduce risks and boost lender confidence, up to 50% of the loan pool is backed by bank guarantees. Funds will be accessed through certified cooperatives to ensure better structure and accountability, with added benefits such as mentorship, training, and digital tools under an accelerator programme.
MSMEs will be eligible to borrow up to ₦10 million at a single-digit interest rate of 9% per annum—without the need for collateral.
“The N10 billion fund is just the beginning. As milestones are achieved, the fund will grow, encouraging ongoing expansion,” Olusi said, revealing that BoI’s investment footprint in Lagos already exceeds ₦500 billion—the largest in any Nigerian state.
Governor Babajide Sanwo-Olu, who witnessed the MoU signing, praised the collaboration and urged beneficiaries to make judicious use of the funds and adhere to repayment plans.
He reaffirmed the Lagos State Government’s commitment to creating an enabling environment for MSMEs to thrive, adding that partnerships like this are vital to job creation and sustainable economic growth.
