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BoI Grants N1.5 billion Direct Funding to 28 Businesses in Nigeria
  • Post by Admin on sunday, March 05, 2015

The Bank of Industry (BoI) has announced that over 28 other businesses in Nigeria had been granted N1.5 billion from its own direct funds. Managing Director, BoI, Mr. Olukayode Pitan, disclosed this on Tuesday, while presenting N362 million cheque to the first batch of the beneficiaries of the N2 billion-micro small and medium enterprises (MSMEs), development fund in Benue State.

Benue State and the Development Finance Institution (DFI) had last year signed a pact on the N2 billion matching fund to boost the entrepreneurial potentials of citizens in the state. Under the financing model, both parties made commitment to contribute N1 billion each for on lending to mainly businesses that have high employment generating potential and value addition to local raw materials.

Pitan stated that the 38 loans beneficiaries were those, who met the bank’s pre-disbursement conditions. While noting that matching fund was capable of developing small and medium scale enterprises in the state, he urged other businesses in the state to take advantage of the unique opportunities offered by the scheme. As part of the moves to ensure effective utilisation of the loans, the BoI boss added that a two-week entrepreneurship training would be organised to build the capacity of the beneficiaries.

Photo Caption: Managing Director, BoI, Mr. Olukayode Pitan

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