NACCIMA Praises BOI for Driving Industrial Growth and MSME Empowerment : Koutatimes

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has officially commended the Bank of Industry (BOI) for its pivotal role in strengthening Nigeria’s industrial landscape. During a strategic engagement in April 2026, NACCIMA leadership described the bank as an “Engine of Transformation” for its consistent support of local enterprises. Consequently, the association reaffirmed its commitment to a shared vision of building a resilient, dynamic, and inclusive economy. This endorsement highlights the BOI’s effectiveness in deploying long-term financing and expert advisory services to various high-growth sectors.

1. Strengthening the Backbone of the Economy

The primary objective of NACCIMA’s commendation is to spotlight the BOI’s success in empowering Micro, Small, and Medium Enterprises (MSMEs). By providing patient capital at single-digit interest rates, the bank is helping businesses survive the current high-inflation environment. Key highlights of the partnership include:

Strategic Intervention Funds: NACCIMA and the BOI recently signed a Memorandum of Understanding (MoU) for the disbursement of a ₦75 billion intervention fund dedicated to MSMEs.
Diversified Sectoral Support: The bank’s reach now spans agro-food processing, healthcare, renewable energy, and the creative industries.
De-risking Innovation: Providing technical support to innovators ensures that “Groundbreaking Ideas” can transition into bankable and scalable businesses.

2. Advocacy for Increased Capacity

While praising the bank’s six-decade history of dedication, NACCIMA National President Jani Ibrahim (succeeding Dele Kelvin Oye) noted that more must be done to meet the nation’s growing needs. Therefore, NACCIMA is actively advocating for increased funding and resources for the BOI. This advocacy aims to:

Amplify Impact: Enabling the bank to extend its reach to more rural and underserved entrepreneurs across all 36 states.
Support the $1 Trillion Target: Aligning the bank’s capital base with the administration’s goal of achieving a $1 trillion economy by late 2026.
Encourage Global Competitiveness: Ensuring that Nigerian businesses have the fiscal strength to compete within the African Continental Free Trade Area (AfCFTA).

3. A Backstory of Institutional Synergy

The current commendation follows a significant backstory of “Collaborative Economic Governance” initiated in 2025. This historical context explains why the organized private sector (OPSN) and the BOI are moving toward a more unified front. Historically, the gap between policy and execution hindered industrial growth; however, this recent engagement underscores the significance of institutional synergy as an indispensable step toward recovery.

Consequently, the NRS and regional chambers like KACCIMA and LCCI view this partnership as a stabilizing force. By acting as a “Bridge” between government resources and private sector potential, NACCIMA is ensuring that every naira of intervention fund translates into measurable growth. This shift marks the transition from “Survivalist Business” to an “Industrially Vibrant and Profitable” national output.

Future Outlook: Toward a Sustainable Business Future

Looking ahead, NACCIMA plans to host the Infrastructure Conference (INFRACON 2026) in July to further explore how the BOI can support large-scale industrial projects. President Jani Ibrahim believes that the “journey ahead is one of collaboration.” Therefore, the focus remains on building a future where jobs are created and the economy prospers through “Domestic Discipline.”

With the continued support of the President and the Ministry of Industry, Trade and Investment, NACCIMA and the BOI are proving that “Partnership is the fuel of development.” The commitment to “Advocacy and Empowerment” remains the driving force behind these developments. For the Nigerian business owner, this commendation represents a firm promise that they are not alone in their quest for growth. The journey toward a prosperous Nigeria continues with every business funded and every industrial dream realized.