The Federal Government has given approval for the recapitalisation of the Bank of Industry (BOI) to the tune of N750 billion.

Mr Joseph Babatunde, the General Manager of the bank, made the disclosure on Friday in Lagos during a training programme for business editors and correspondents.

Babatunde said that he was optimistic that the re-capitalisation would go a long way in turning around the fortunes of the bank.

The Managing Director of the bank, Ms Evelyn Oputu, said that the bank had disbursed N238 billion to the operators of Small and Medium Enterprises (SMEs) across the country.

Oputu said that the bank had developed a model that allowed state governments to also contribute to the intervention fund for small and medium scale entrepreneurs.