As part of efforts to achieve its financing objectives to Small and Medium Enterprises (SMEs), the Bank of Industry (BoI), has secured a N19.7 billion ($100 million) credit facility from the African Development Bank (AfDB).
According to the bank, the line of credit, designed for on-lending to SMEs engaged in export-oriented businesses, is the first of such foreign facility accessed by BoI after its reconstruction in 2001 out of the defunct Nigeria Industrial Development Bank (NIDB).
In a statement at the weekend, the bank explained that the first tranche of $50 million was recently disbursed to BoI from AfDB for on-lending to small businesses engaged in export-oriented businesses with capacity to generate foreign exchange.
BoI added that the credit approval was received as a result of the implementation of various strategies and plans which have enhanced its operations and repositioned it to better tackle the current challenges of Nigerian small businesses.
The bank however urged prospective entrepreneurs engaged in export-oriented businesses with potential to earn foreign exchange to submit their applications to facilitate access to the facility.
