The Bank of Industry (BoI) has disbursed about N2.8 billion credit facility to over 20,550 micro-enterprises and 280 Small and Middle Enterprises (SMEs) in Kaduna State. This was made known by BoI’s Managing Director, Olukayode Pitan.
While making the disclosure during the 20th edition of national Micro Small and Medium Enterprises (MSMEs) Clinic in Kaduna, Pitan said the loan disbursement was part of efforts to boost ailing businesses.
“As of today, BoI has supported thousands of SMEs across the country and is aiming to do more. In Kaduna State, we have disbursed to 280 SMEs and 20,550 Micro Enterprises to the tune of N2.8 billion,” he said.
BoI is fulfilling its mandate of providing financial assistance for the establishment of large, medium and small projects, as well as their expansion.
In a bid to promote locally made products that of international standards, the BoI had made provision of N400 million that would be available quarterly for local manufacturers. The BoI also offered $750 million from international banks and N800 million from the Nigerian Content Board to manufacturers that operate within the country.
The Development Finance Institution, through a recently launched Aba Finished Leather Goods Cluster Financing Programme, plans to make funds available quarterly to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS).
The agency MD who made the disclosure said the Development Finance Institution offered the fund to support emerging industries, such as the creative arts, renewable energy, biogas, and gender owned business at a single digit with long gestation, unlike the conventional banks.
The Bank of Industry Limited (BoI) is Nigeria’s oldest, largest and most successful development financing institution. It was established in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorised share capital of 2 million.