Bank of Industry (BoI) says it had made an investment commitment of $6 million (about N1.2 billion) to Nigeria’s small and medium enterprises (SMEs).
In a statement released in Lagos, BoI said the investment commitment was through the $60-million Venture Capital Fund being raised by Grow Africa Equity Partners Limited.
It explained that the Venture Capital Fund aims to provide equity capital.
BoI said this would be along with strategic and operational support to early stage and fast-growing businesses involved in technology, agriculture, consumer goods and services sectors.
The statement quoted Rasheed Olaoluwa, the BoI Managing Director, as saying: ‘Nigerian businesses cannot be built on debt alone. It has long been part of the bank’s vision to find ways to provide sorely needed equity capital and business advice to promising Nigerian businesses.’
‘Our partnership with Grow Africa is one of the avenues for realising this vision and we remain committed to the pursuit of our core mandate of providing long-term financial support to small, medium and large companies/projects in Nigeria’s key sectors’, Olaoluwa added.
The statement also quoted Adedotun Sulaiman, the Chairman of Grow Africa Equity Partners Limited, as saying Nigerian business could become global leaders with the right type of support.