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 domestic bourse reversed its previous session’s gain on Monday, recording a loss of N404 billion or 0.72 per cent for equity market investors.

The market’s decline was primarily driven by losses in major stocks, including BUA Cement and Tier-one banks such as Zenith Bank and Guaranty Trust Holding Company (GTCO).

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation closed at N55.574 trillion, down from its opening value of N55.978 trillion.

The All-Share Index also decreased by 0.72 per cent, shedding 711.2 points to close at 97,880.94, compared to 98,592.12 recorded on Friday.

As a result, the Year-To-Date (YTD) return dropped to 30.90 per cent.

Despite the overall decline, market breadth remained positive with 29 gainers and 20 losers on the Exchange.

On the gainers chart, Julius Berger led by 10 per cent to close at N121 per share, while BUA Cement led the losers chart by 9.93 per cent to close at N114.30 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 44.11 per cent.

A total of 498.27 million shares valued at N11.77 billion were exchanged in 10,645 deals, compared to 477.44 million shares valued at N8.17 billion traded in 9,529 deals posted in the previous session.

Meanwhile, GTCO led the activity chart in volume and value with 123.92 million shares worth N5.66 billion.