Bank of Industry Has Disbursed N16 Billion Loans

The Managing Director, Bank of Industry, Mr Rasheed Olaoluwa on Wednesday said it had disbursed over N16 billion loans to 68 enterprises in Kano State.

He disclosed this at the commissioning of the Bank’s newly-established office in Kano.

“I will like to add that BOI has, on its own, provided direct loans in excess of N16 billion to 68 enterprises in Kano state,’’ he said.

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Olaoluwa said that as part of the bank’s efforts to transform the nation’s industrial sector by providing financial and business support services to enterprises, it accredited 122 Business Development Service Providers (BDSPs) nationwide in November 2014.

“Of this number, 28 have national coverage, while 14 specifically cover the North-West geopolitical zone of the country.

“The BDSPs are to assist entrepreneurs package bankable loan proposals that have a high probability of loan approval, as well as provide post-finance services,’’ he said.

According to him, the Bank is currently in partnership with 10 SME-friendly banks to provide working capital for BOI customers at a negotiated interest rate of Monetary Policy Rate (MPR) +6 per cent.

“At the current MPR of 13 per cent, the applicable interest rate is 19 per cent per annum.

“In pursuit of inclusive growth, the Bank has worked assiduously to identify SME clusters in Kano State with the aim of extending financial support to the entrepreneurs operating there,’’ he said.

Olaoluwa, therefore, called on the people of the state to take advantage of the bank’s presence in Kano, to boost socio-economic activities.

“We believe the developmental impact of the Bank will be greatly enhanced in support of the real sector and complement the State Government’s socio-economic development objectives,’’ he said.

In his remarks, Gov. Adbullahi Ganduje represented by his Deputy, Prof. Hafiz Abubakar, pledged the readiness of the state government to partner with the bank, to create job opportunities.

He commended the management of the bank for establishing its office in the state.

SOURCE: NAN