Business
BoI raises $5bn, plans N120bn MSME support
Olusi made this known on Thursday at the BoI’s 65th anniversary news conference in Lagos.
He highlighted the bank’s evolution from its establishment as the Investment Company of Nigeria (ICON) in 1959 to its transformation into the Bank of Industry in 2001.
Olusi noted that the bank also concluded global loan syndication that raised not less than two billion euros in November; the largest fundraising in BoI’s history and the largest syndication in the history of African DFls.
He explained that the bank was able to achieve the milestones through the years due to its partners.
According to him, BoI has established strategic partnerships with key local public and private institutions as well as global financial and multilateral institutions to enable the bank to fulfill its mandate, effectively.
“BoI has partnerships with state governments, and foundations to establish the ‘Matching Fund’ scheme.
“We also have partnerships with trade associations, such as the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.
“BoI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a one billion dollar fund at a single digit interest rate.
“We have partnerships with several other public agencies like NCDMB, to support specific sectors,” he said.
Olusi added that the Federal Government, in November 2023, appointed the bank as the executing agency for the $200 billion FGN MSME Intervention Fund.
This included a 50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.
“Our strategic partnerships also extend to numerous organisations, such as African Development Bank (AfDB), the African Finance Corporation (AFC), Investment Climate Reform (ICR) initiative, and the African Guarantee Fund (AGF).
“Other are the Multilateral Investment Guarantee Agency (MIGA), the United States Export Import Bank (USEXIM), the International Finance Corporation (IFC), amongst others,” Olusi said.
According to him, the bank, in the last 12 months, has also revised its strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Tinubu’s ‘Renewed Hope Agenda’ and in response to emerging macroeconomic issues.
Also, Mr Shekarau Omar, BoI’s Executive Director, MSMEs, revealed that the bank plans to disburse N120 billion to two million micro, small, and medium enterprises (MSMEs) by the end of the year.
Omar said that, in spite of an initial target of disbursing N103 billion to 1.5 million MSMEs in 2024, the bank had already surpassed the goal.
According to him, as of October, the bank had disbursed N107 billion to a larger number of MSMEs than originally planned.
Omar highlighted the potentials of Nigeria’s MSME sector, saying it was estimated to be between 39 and 40 million businesses. (NAN)
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.