Bank of Industry (BoI) released a statement on Monday stating that it had made an investment commitment of $6 million (N 1.2 billion) for SMEs in Nigeria through the $60 million Venture Capital Fund raised by Grow Africa Equity Partners Limited.
The statement quoting Rasheed Olaoluwa, the BoI Managing Director, said, “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.”
The Venture Capital Fund raised aims to provide equity capital and provide strategic and operational support to early stage and fast growing businesses involved in technology, agriculture, consumer goods and services sectors.
He continued in the statement explaining that the partnership with Grow Africa is one of the avenues for realising this vision and that BoI remains committed to the pursuit of its core mandate, providing long term financial support to small, medium and large companies/projects in Nigeria’s key sectors.
The statement also quoted the chairman of Grow Africa Equity Partners Limited, Adedotun Sulaiman saying that Nigerian businesses could become global leaders with the right type of support.