The Bank of Industry (BoI), a key driver of Nigeria’s industrial and economic development, has appointed FIC Professionals Network Plc as a Business Development Service Provider (BDSP). This strategic partnership aims to strengthen BoI’s support for Micro, Small, and Medium Enterprises (MSMEs), a vital sector of the Nigerian economy. FIC’s role as a BDSP encompasses a wide range of services designed to enhance the capacity of MSMEs to access and effectively utilize financing. This includes identifying promising SMEs, assisting them in crafting robust and bankable business plans, and providing crucial post-financing support such as mentorship and financial advisory services. This comprehensive approach seeks to not only provide financial resources but also to cultivate sustainable business practices and foster growth within the MSME sector.
FIC’s responsibilities extend beyond financial guidance, encompassing crucial aspects of business development. The firm will play a critical role in promoting good corporate governance practices among the supported SMEs. This involves instilling sound management principles, promoting transparency, and ensuring accountability, which are essential for long-term sustainability and investor confidence. Furthermore, FIC will facilitate linkages between SMEs and larger enterprises, creating opportunities for collaboration, knowledge transfer, and access to wider markets. This integrated approach also includes supporting the development of robust value chains, fostering interconnectedness within industries, and promoting synergistic relationships between different players in the market.
BoI’s commitment to strengthening the MSME sector is further underscored by its recent approval of a mid-term corporate strategy plan for 2025-2027. This plan outlines 18 key initiatives aimed at solidifying the bank’s position as a market leader and the most successful development finance institution in sub-Saharan Africa. This ambitious strategy reflects BoI’s dedication to driving economic growth and development within the region, with a particular focus on empowering MSMEs. The bank’s proactive approach and strategic planning demonstrate its commitment to fostering a vibrant and sustainable business environment within Nigeria and beyond.
The bank’s commitment to supporting MSMEs is evident in its significant financial investments. In 2024 alone, BoI disbursed over N120 billion to MSMEs, underlining the bank’s dedication to facilitating access to capital for this crucial sector. This substantial investment highlights the bank’s recognition of the pivotal role MSMEs play in driving economic growth, creating jobs, and fostering innovation. The allocation of such significant resources demonstrates BoI’s commitment to nurturing the growth and development of these enterprises, thereby contributing to the overall economic prosperity of Nigeria.
In line with its new corporate strategy, BoI recently engaged with its network of BDSPs, including FIC, to reinforce their roles and expectations within the framework of the bank’s strategic objectives. This collaborative approach ensures a unified understanding of the bank’s vision and fosters a cohesive partnership between BoI and its BDSPs in achieving their shared goals. This meeting served as a platform to discuss best practices, address challenges, and streamline operations to maximize the impact of their collective efforts in supporting MSMEs. The open communication and collaboration between BoI and its BDSPs are crucial for the effective implementation of its strategic initiatives.
One of FIC’s current engagements involves facilitating access to the N75 billion Small Enterprises Intervention Sector Fund, a component of the larger N200 billion Federal Government MSME Intervention Fund. As the executing agency for this fund, BoI, through its BDSPs like FIC, plays a crucial role in channeling these resources to eligible SMEs. FIC’s involvement in this process ensures that deserving businesses receive the financial support they need to thrive and contribute to the overall economic growth of the country. This initiative reflects the government’s commitment to empowering MSMEs and underscores the importance of partnerships between government institutions and private sector organizations like FIC in achieving this goal.
