BoI Raises MSMEs Funding by 42%

• BoI Raises MSMEs Funding by 42%

The acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju has said the bank would sustain annual increment in micro small and medium enterprises (MSMEs) financing going forward.

Already, the bank had increased disbursement to small businesses to N8 billion in 2016, representing 42 per cent increment from N5.6 billion in 2015.

The BoI acting MD said the increment would ensure more Nigerians get access to finance to create opportunities for rapid development of the country.

Speaking shortly after receiving an award from the Alumni Association of the National Institute (AANI) for the development finance’s efforts at financing development across the country under his leadership, it was gratifying that the efforts of the bank were being noticed in all sectors of the economy.

The award was given at the 37th annual general meeting (AGM) of the association held at the National Institute of Policy and Strategic Studies in Jos, the Plateau State capital.

The President of AANI, Major General, Lawrence Onoja (Rtrd), while presenting the award, noted that the contributions of the BoI in providing financial supports to enterprises across the country had endeared the bank to the association.

He said: “We are recognising Waheed Olaguju for his efforts in financing developments across the country.”

Olagunju, however, described the gesture as a positive feedback mechanism for BoI even as he dedicated the award to “every persons whose lives have been impacted positively through the services of the bank’.

He said: “It is gratifying that the work of the Bank of Industry under my leadership is being recognised by virtually all segments of the Nigerian society. It is a good feedback that we are getting because we are Nigeria’s premier and leading finance institution.”

Providing an update on the bank’s spending for MSMEs, he also said, “We reported that last year, we increased our disbursement to MSMEs by 42 per cent, from N5.6 billion in 2015 to N8 billion in 2016. And we are going to sustain the momentum in 2017 moving forward.

“As you can see in 2017, we are in the first week of March, and we have done quite a lot too. The outgoing week, we have had more than six or seven events across the country trying to impact on the lives of Nigerians.

“We opened our office in Illorin, Kwara State on Friday, and on Monday we were in Makurdi in Benue State to commission our office. On that same Monday we commenced a Tomato Processing Training in Kano, and Gemstone Processing Training in Kaduna.”