PURPOSE/ RATIONALE ·         The need to promote and sustain the production of indigenous textiles that are unique to Nigeria and can be showcased in any part of the world.

·         This will be a major source of job creation especially in the areas where they are produced. For instance, some Adire makers employ fine artists that specialize in making patterns on prints, and fashion designers who specialize in creating new fashion styles with the fabrics.

·         The need to modernize the production processes for Adire and Aso-Oke in order to improve their quality and make them globally competitive.


·         The product program will facilitate access to finance for practitioners in the production of Adire and Aso-Oke to enable them acquire modern equipment for the enhancement of their efficiency.



The Fund will be accessed by indigenous players in the Adire/Kampala and Aso-Oke production business such as Small and Medium Enterprises (SMEs) – Limited Liability Companies and Enterprises – that are interested in the Adire and Aso-Oke businesses.
PROJECTED IMPACT Each of the category of the following is expected to create 14 – 23 jobs:


Small Medium
Direct 4 8
Indirect 10 15
Total 14 23
  • Up to N10 million


Interest Rate: 9% per annum.

Fees: 1% Processing fee

  • Up to 4 years.
MORATORIUM 6 – 9 months from date of Loan Disbursement.
Loan Amount (N’m) Security Arrangement
5.0 – 10.0 1.         Specific charge over the equipment             financed.

2.         Irrevocable Personal Guarantee of the             Chief Promoter of the company.

1.            Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:

a)    Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first.

b)     Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.

c)      Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.

d)      Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)

e)   The guarantees must be supported with Notarized Statement of Net worth acceptable to BOI.



·         Loan: 90% maximum from BOI (including working capital from              BOI or the SME-friendly banks).

·         Contribution by the promoter: 10% (minimum).


To be disbursed in phases in accordance with agreed milestones. Payment to equipment suppliers shall be on delivery, installation and successful test-run. Where any supplier requires advance payment for equipment fabrication, it shall be backed by a performance bond issued by a commercial bank or a BOI accredited insurance company, on behalf of the BOI accredited equipment supplier.

Working Capital:

To be disbursed after successful installation and testing of the equipment.

  • From proceeds of the operation
  • Monthly by direct debit of customer’s account domiciled with the participating SME-friendly bank on the basis of a Tripartite Agreement signed between BOI, the SME-friendly Bank and the Customer. Such direct debit collections must be remitted by the SME-friendly bank to BOI within 24 hours. In the event of default, the SME-friendly bank must notify BOI within 24 hours to trigger prompt remedial action by the Bank.
  • In the alternative, the customer should provide post-dated cheques in line with the amortization schedule.

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