National Economic Reconstruction Fund

Established by the Federal Government of Nigeria under Decree No. 2 of 1989, the National Economic Reconstruction Fund (NERFUND) was mandated to bridge the gap in providing affordable medium to long-term capital to small and medium-sized enterprises (SMEs). The fund acted as a special-purpose vehicle to stimulate the growth of the real sector of the Nigerian economy. However, after years of operational challenges, including a high portfolio of non-performing loans, the Nigerian government officially approved its closure. In 2017, its assets, liabilities, and workforce were taken over by the Bank of Industry (BOI).