Development bank targets 12 million skilled workers with low-interest loans, modern tools………
The Bank of Industry (BOI) has launched a comprehensive support program for Nigeria’s artisan sector, pledging financial and technical assistance to transform informal technicians into formal entrepreneurs.
At the 2025 Nigerian Artisans Leadership Summit, BOI Managing Director Dr. Olasupo Olusi announced:
Key Interventions:
- N50bn Artisan Development Fund with single-digit interest rates
- National Equipment Upgrade Program providing modern tools at 30% subsidy
- Standardization Framework to certify skilled workers across 12 priority trades
- Export Facilitation Scheme for artisan products
“The 12 million skilled hands in our informal sector represent Nigeria’s most potent economic weapon,” said Dr. Olusi. “We’re converting this human capital into industrial growth engines.”
Sector Challenges Addressed:
✓ Limited access to credit (Only 4% secure formal loans)
✓ Outdated equipment (72% use tools older than 15 years)
✓ Lack of certification (90% operate without standardized training)
Implementation Timeline:
- Q3 2025: Pilot phase in 6 states
- Q1 2026: National rollout
- 2027 Target: 2 million formalized artisans
The development bank will partner with state governments, equipment manufacturers and trade associations to execute the program. BOI’s latest move aligns with its 2025-2027 corporate strategy focusing on grassroots industrialization.
Market Impact: Analysts project the initiative could add 1.2% to Nigeria’s GDP by 2027 through increased productivity and export potential in furniture making, auto repairs, textile production and construction trades.
Artisan cooperatives can begin pre-qualification applications through BOI’s regional offices starting August 1, 2025.
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