Babban Gona was established to create jobs for young Nigerians in the agriculture sector. Focusing on maize and rice farming, the company provides farmer cooperatives with financing, training, agricultural inputs and support. In 2021, the company was able to procure inputs for over 22,000 farmers who were responsible for harvesting over 70,000MT of maize.
SEEP is a social intervention program designed to provide affordable credit for micro-enterprises that are unable to grow their businesses due to a lack of capital. The programme aims to support 40,000 qualified micro-enterprises per state. The Osun State Government partnered with BOI to train and provide seed loans worth N47.2 million to 827 MSMEs.
The MSME Survival Fund is an N75 Billion Fund, launched in September 2020. It is part of the N2.3 Trillion stimulus package (The Nigerian Economic Sustainability Plan (NESP)). The bank has disbursed a one-time N30,000 grant to 293,333 artisans across 36 states and FCT worth N8.8 billion.
The bank’s 2021 disbursement includes N2.99billion to 22,120 farmers through our Smallholder Farmers lending product; and N1 billion to 4,000 micro-retailers through our MSME Distributor Finance Programme. Through these interventions, an estimated 950,640 direct and indirect jobs were created in 2021.
The NG-CARES program is a $750 million state-driven initiative backed by the World Bank, specifically for the elevation of businesses affected by COVID-19. Twenty-nine states have collaborated with the Bank of Industry to use its infrastructure in executing the program in their states.