The Managing Director of the Bank of Industry, BOI, Mr Rasheed Olaoluwa, on Wednesday in Kano said the bank had disbursed over N16 billion loans to 68 enterprises in the state.
Olaoluwa, who made the disclosure at the official commissioning of the Bank’s newly-established office in Kano, said the gesture was part of the bank’s efforts to transform the nation’s industrial sector by providing financial and business support services to enterprises.
He, therefore, called on the people of the state to take advantage of the bank’s presence in the state, to boost socio-economic activities.
“We believe the developmental impact of the Bank will be greatly enhanced in support of the real sector and complement the State Government’s socio-economic development objectives,’’ Olaoluwa said.
He said that, prior to the disbursement, the bank had accredited 122 Business Development Service Providers (BDSPs) nationwide in November 2014.
The BDSPs, he said, are to assist entrepreneurs package bankable loan proposals that have a high probability of loan approval, as well as provide post-finance services.
According to him, out of the 122 BDSPs, 28 have national coverage, while 14 specifically cover the North-West geopolitical zone of the country.
“I will like to add that BOI has, on its own, provided direct loans in excess of N16 billion to 68 enterprises in Kano state.
“The BDSPs are to assist entrepreneurs package bankable loan proposals that have a high probability of loan approval, as well as provide post-finance services,’’ he said.
The BOI Boss stressed that the Bank is currently in partnership with 10 SME-friendly banks to provide working capital for BOI customers at a negotiated interest rate of Monetary Policy Rate (MPR) +6 per cent.
“At the current MPR of 13 per cent, the applicable interest rate is 19 per cent per annum,’’ he said.
Olaoluwa further stated that in pursuit of inclusive growth, BOI had meticulously identified SME clusters in Kano State with the aim of extending financial support to the entrepreneurs operating in the state.