The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria under the Federal Government’s N75 billion Manufacturing Sector Fund.

BOI Managing Director, Olasupo Olusi, made this disclosure at the bank’s inaugural annual public lecture series on Wednesday in Abuja.

He explained that the loan aimed to foster production, ensure economic growth, and boost job creation. 

“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates.

“The funds under this programme have been fully allocated to successful applicants across the six geopolitical zones of the country, and disbursements have commenced.

“For transparency, the programme is working with the Manufacturers Association of Nigeria (MAN) to ensure all beneficiaries are genuine manufacturers, providing additional validation of loan applicants.”

Olusi stated that by offering low-interest loans, BOI aims to boost production, enhance job creation, and promote sustainable growth in the manufacturing industry.

According to the BOI boss, the Bank has disbursed N77.65 billion in loans to almost 1,000 MSMEs across various sectors in the country.

He noted that these interventions align with the Federal Government’s efforts to alleviate poverty and enhance food security by supporting enterprises that drive economic growth and create jobs.

Olusi restated the inauguration of the BOI PriceSense NG platform, a price intelligence dashboard providing real-time data on price trends across Nigeria.

“The platform aims to stabilise markets, protect consumers, and inform policy decisions related to food insecurity.

“We are unveiling the BOI PriceSense NG, a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities nationwide.

“These initiatives demonstrate our commitment to impactful research, innovative solutions, and transparency in all endeavours,” Olusi said.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, reaffirmed the government’s commitment to drive economic growth through MSMEs, pledging improved access to financing, innovation, and policy support.

The stock market, on Thursday, reversed some gains from its previous sessions, indicating a loss of N267 billion from the portfolios of investors.

Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, and FCMB Group, alongside Cadbury and United Capital, amongst other declined stocks, drove the market to a negative terrain.

Specifically, the market capitalisation closed at N56.615 trillion, having lost N267 billion or 0.47 per cent from an opening of N56.882 trillion.

The All-Share Index also declined by 0.47 per cent or 464 points to settle at 98,523.56 points, against 98,987.42 points reported on Wednesday.

Consequently, the Year-To-Date return fell by 31.76 per cent.

However, the market breadth closed positive with 29 gainers and 26 losers.

On the gainers’ log, FTN Cocoa led 28 other advanced stocks by 9.82 per cent to close at N1.79 per share.

Also, Caverton led 25 other declined stocks on the losers’ log by 9.83 per cent to close at N2.97 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.44 per cent.

A total of 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, compared to 603.31 million shares valued at N12.58 billion, traded in 9,723 deals posted in the previous session.

Meanwhile, UBA led the activity chart in volume and value with 29.18 million shares worth N756.09 million. 

The Nigerian Exchange Ltd. (NGX) market capitalisation, on Friday, closed positive with a N248 billion gain.

Specifically, the market capitalisation added N248 billion or 0.44 per cent to its opening of N55.754 trillion to close at N56.002 trillion.

The All-Share Index also gained 0.44 per cent or 432 points to close at 97,456.62 points, against 97,025.17 points reported on Thursday.

As a result, the  Year-To-Date(YTD) return increased by 30.34 per cent.

Investors’ interest in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Access Corporation, Fidelity Bank, as well as Transnational Corporation, and Nigerian Breweries, among other advanced stocks, lifted the market.

The market breadth also closed positive with 33 gainers outnumbering 20 losers on the floor of the Exchange.

Flour Mill led the gainers’ chart by 9.99 per cent to close at N54.50, and Caverton followed by 9.96 per cent to close at N2.54 per share.

Ecobank Transnational Incorporated gained 9.95 per cent to close at N23.75, RT Briscoe advanced by 9.94 per cent to close at N3.65 and UPDC went up by 9.88 per cent to close at N1.78 per share.

Conversely, Daar Communications led the losers’ chart by 9.72 per cent to close at 65k, Deap Capital Management and Trust Plc trailed by 8.82 per cent to close at 93k per share.

PZ also lost 8.48 per cent to close at N15.65, Custodian dropped 8.45 per cent to close at N13, while McNichols decreased by 8.44 per cent to close at N1.41 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 18.90 per cent.

A total of 412.90 million shares valued at N6.47 billion were exchanged in 8,803 deals, in contrast to 390.55 million shares valued at N7.97 billion traded in 9,615 deals posted in the previous session.

Meanwhile, Japaul Gold led the activity chart in volume with 105.65 million shares, while FBN Holdings led in value of deals worth N1.24 billion.