Bank of Industry disbursed loans worth N969.7 billion since 2015

The Bank of Industry (BoI) has revealed that it has disbursed nearly N1 trillion worth of loans since 2015 to support several businesses.

This was disclosed by the BoI Deputy Head, Business Development, Mrs Aderonke Akinluyi at a webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, where she stated that the Bank disbursed loans valued at N969.7 billion between 2015-2020.

According to the News Agency of Nigeria, Akinluyi revealed that the funds were disbursed to over three million Micro, Small and Medium Enterprises (MSMEs) and 653 large enterprises between the period, creating 6.98 million direct and indirect jobs.

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“Our business model reflects our goal to drive development through financial and advisory support to all customer levels, with dedicated teams for MSMEs, youth and women-led enterprises.

“Our collaboration with the BDSPs ensures that the MSMEs are almost handheld in structuring, and preparing their business models and plans.

“The collaboration also provides other entrepreneurial training as required and are split across the regional, state and national categories,” she said.

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Mr Obaro Osah, the Divisional Head, SME, South, BoI, added that the loan application approval processing timeline for loans below N10 million is four weeks, loans between N10 and N100 million is six to eight weeks, and loans above N100 million to N500 million is eight to10 weeks.

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The Bank of Industry (BOI) disclosed that despite the pandemic in 2020, its assets rose to N1.8 trillion in the same year.

BOI Chairman, Aliyu Dikko, revealed that the asset growth increased 79.1%, compared to N1.04 trillion recorded at the end of 2019, citing the bank’s resilience in the face of operational difficulties brought about by COVID-19 globally and in Nigeria.