BoI, Heritage Bank Promote Economic Recovery

• BoI, Heritage Bank Promote Economic Recovery

Heritage Bank and Bank of Industry say they are committed to enhancing economic recovery by promoting entrepreneurship.

Heritage Bank said this informed its decision to seal a financing pact with the BoI, adding that the agreement would promote wealth creation and curb unemployment among youths.

The bank said it had also secured $150m Small and Medium Enterprises funding support from the African Export Import Bank, a frontline African financial institution.

The Managing Director, Heritage Bank, Mr. Ifie Sekibo, reiterated that the lender’s support for the SMEs programmes would help take the country out of the current economic recession.

Highlighting the importance of its pact with the BoI, he said, “It is in time of recession that new millionaires emerge. This is an opportunity for the young ones between the ages of 18 and 35 to key into the various financing channels provided by Heritage Bank and the BoI.”

The Acting Managing Director, BoI, Mr. Waheed Olagunju, was quoted as affirming that improved investment in the SMEs space would activate a quick recovery of the economy, which has been in a state of decline.

According to him, supporting young entrepreneurs through funding is necessary to improve the quality of life of many Nigerian youths with desire to be self-reliant.

Olagunju said, “The BoI will continue to support youths with innovative projects. The visionary and talented youths with viable business plans will be supported by banks to drive the industrialisation of the country.”