Mr Waheed Olagunju, Acting Managing Director, Bank of Industry (BoI) made a presentation titled “Target Financing for SMEs’’ at a management retreat for officers of the ministry and its parastatal agencies. The theme was “Implementing the Economic Recovery and Growth Plan (ERGP) through Industry, Trade and Investment’’.
He stated that the disbursement to SMEs increased from a record of N5.64 billion in 2015 to N8.02 billion as at end of 2016, while for 2019 we are targeting N376 billion. The bank had also lent N5 billion micro-finance banks for financing of micro-loans.“About N4.5 billion has been disbursed to micro-finance banks and over 15,000 microenterprises have benefitted from this scheme.

 

In the spirit, the bank had signed a Memorandum of Understanding (MoU) with Afterschool Graduate Development Centre. The scheme is targeted at providing between N200, 000 to N500, 000 to empower one million youths over the next five years.

About 44 key business had been identified nationwide with products developed, considering their peculiarities as the SMEs Credit group was set up to ensure effective turnaround time in reviewing the credit.

Olagunju noted the bank had disbursed N1.48 billion to market associations and co-operatives, as well as developed strategic alliances with MFBs and Mobile Money operators to facilitate effective disbursement.