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Business News

Bank of Industry supports businesses with N3.9 billion loan 

The Bank of Industry (BOI) has disbursed about N3.9 billion loan as financial support for Small, Medium Enterprises (SMEs) in Kebbi state

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Managing-Director-BoI-Mr.-Olukayode-Pitan, Bank of Industry supports SMEs with N3.9 billion loan 
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The Bank of Industry (BoI) has disbursed about N3.9 billion loan as financial support for Small and Medium Enterprises (SMEs) and larger enterprises in Kebbi state.

The Managing Director and Chief Executive Officer of BoI, Mr Olukayode Pitan disclosed this during a courtesy visit to see the Governor of the state, Governor Abubakar Atiku Bagudu.

Entrepreneur, Multiple businesses, Nigeria partners UAE to boost SMEs , US technology company deploys software to ease business process in Nigeria, Experts outline what SMEs must do to attract funding, investors in 2020 , https://www.sunnewsonline.com/bank-of-industry-invests-n3-9bn-in-kebbi-for-smes/ 

 

Pitan also made known that over 22,000 people had benefited from the N1 billion matching grant fund released by the Kebbi State Government and managed by the bank. He disclosed BOI’s intention to partner with the Kebbi government in order to offer support to entrepreneurs towards the industrialisation of the state.

“We came to Kebbi State to chart the best course of partnership with the state government to offer support to entrepreneurs for them to set up industries and companies to grow the state’s economy. 

“We commend Gov. Bagudu for providing N1 billion matching grant to the bank, and also solicit for further collaboration to move the state forward. Over 22, 000 people have benefited from the fund advanced by the state government to be managed by the bank.”

(READ MORE: Vitafoam Nigeria Plc obtains N2 billion loan from Bank of Industry)

Why this matters: The role of SMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Most entrepreneurs often complain of financing being the major challenge hampering the expansion of their output. This is why this disbursement of funds for SMEs is important as it creates value and in turn enhances the gross domestic product.

SSKOHN

More details: While breaking down the bank’s investments over time, the MD and CEO of BOI noted that the bank had recently approved the sum of N1.5 billion for two industries in the state, adding that Zango Kangiwa rice project and Mtech Universal Engineering which specialise in weaving sacks were expected to benefit from the loan.

“The bank opened its office in the state in 2017 and since then it has made a lot of impacts. The bank has invested N3.9 billion in the state with N2.8 billion for SMEs while N1.21 billion for large enterprises. Recently, the bank had also approved N1.5 billion for two industries in the state.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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