Tinubu Praises BOI's N636bn Loan Disbursement for Agriculture

President Bola Ahmed Tinubu commended the Bank of Industry (BOI) for its performance in disbursing N636 billion in loans, highlighting that agriculture received the largest share of N202 billion, accounting for 32% of the total disbursed funds. This allocation is seen as a significant milestone for Nigeria's foremost development finance institution, aimed at driving food security and industrial expansion despite ongoing macroeconomic pressures.

Other sectors received funding, including N100 billion for infrastructure projects, N79 billion for manufacturing, N77 billion for the extractive industry, and N55 billion for services. The disbursement period coincides with global financial constraints, increasing the demand for BOI's facilitation due to its relatively lower interest rates and longer repayment tenures.

The Central Bank of Nigeria (CBN) is restructuring its Agricultural Credit Guarantee Scheme Fund (ACGSF) to adapt to modern agricultural financing needs, with Olayemi Cardoso, the CBN Governor, emphasizing that this does not indicate a return to sector-specific interventions. Recent data indicates a modest rebound in the agricultural sector, which contributes significantly to Nigeria's GDP.