BoI Gives N2.8bn to 20,550 Small Businesses

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The Bank of Industry has announced the disbursement of N2.8bn intervention funds to 20,550 Micro, Small and Medium Enterprises.

According to the Managing Director, BoI, Olukayode Pitan, 280 Small and Medium Enterprises also got part of the intervention funds disbursed to small business owners in Kaduna State.

He disclosed this at the 20th edition of the National Micro, Small and Medium Enterprises Clinic in Kaduna, adding that the move was part of efforts aimed at boosting ailing businesses.

Pitan said, “As of today, the BoI has supported thousands of the SMEs across the country and is aiming to do more. In Kaduna State, we have disbursed N2.8bn to 280 SMEs and 20,550 micro enterprises.”

He said the bank had plans to establish a shared facility in partnership with the federal and state governments as well as other relevant agencies in Kaduna.

Pitan said the shared facility would be fully equipped with adequate machinery so that the financial burden of buying equipment or renting space would be lifted off the shoulders of entrepreneurs.

The BoI boss visited Nikoyi Nigeria Limited and Northern Cable Company to monitor how the intervention funds provided by the agency to the companies had impacted on their performance.

The Managing Director, Nikoyi Nigeria Limited, Olawale Oyedele, expressed appreciation for the funds provided by the bank and stated that the intervention had made his firm’s operations easier.

He observed that the loans from the BoI were far cheaper than what any other bank could give, adding that the BoI provided professional guidance.

He said his firm was into the processing and supply of sorghum and other grains.

The Managing Director, Northern Cable Company, Jen Claude, promised to double the strength of the factory with the BoI loan, adding that his firm had about 200 employees.

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