BoI Loan Disbursements to Kaduna MSMEs Hit N47bn

boiBank of Industry, Headquaters, Abuja
  • BoI Loan Disbursements to Kaduna MSMEs Hit N47bn

The Bank of Industry has disbursed loans in excess of N47bn to support the Micro, Small and Medium-scale Enterprises in Kaduna State.

The Managing Director of the bank, Mr. Olukayode Pitan, said this on Tuesday at a meeting with the Kaduna State Governor, Mallam Nasir el-Rufai.

He added that the loan facility had enabled the bank to create over 84,500 direct and indirect jobs.

He said the funds spanned across various sectors of the state’s economy such as agro-business, petrochemical and gas, metal fabrication, infrastructure and solid minerals.

He said, “Collectively, as at August 31, 2017, the bank had provided loans in excess of N47bn to MSMEs across the state with over 84,500 direct and indirect jobs created under the different funding windows.”

Pitan called on the governor to intervene to further vary the collateral condition to enable the intervention funds to achieve their desired objective of ramping up activities in the real sector of the state.

He said, “The bank as usual, will continue to liaise with the office of the senior adviser/counsellor to the governor on investment and on ways to further review the pre-conditions which will pave way to clear the huge outstanding approvals, thereby fast tracking the disbursement,” he said.

Responding, el-Rufai commended the bank for its various interventions in the state, stressing that they had helped in increasing the tempo of activities in the real sector of the state’s economy.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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