Bank Of Industry Pledges More Funding For Entrepreneurs In Nigeria

The Managing Director of Bank of Industry (BOI) Olasupo Olusi on Thursday assured Micro Small and Medium Enterprises (MSMEs) that the bank would raise more funds to finance their operations.

Olusi who was represented by the Divisional Head, MSME North 1, Sanusi Gidado said this during an event to commemorate the World MSMEs Day in Abuja.

He said the bank is open to funding entrepreneurs who are determined to grow and suppprt the development of the economy.

The BOI boss said the financial sector needed to provide single-digit loans for MSMEs, the sector constitutes a vast population of the country.

He said that in the last three years, BOI has been able to raise about $7bn, adding that steps are being taken to provide more funding for businesses.

He said, “I would give the perspective of the Bank of Industry from three angles. First in terms of the financial basis. And this is with the huge support of the federal government in action.

“In the last three years we were able to raise about $7bn. And currently, we are in the market raising more funds to disburse to the entrepreneurs in Nigeria.

“The second perspective is in the fact that we have a partnership here at home with one of our key stakeholders, the government, and of course the corporate Nigeria.
The essence of all this is in appreciation of the challenges that you mentioned, of entrepreneurs and low-price finance.

“BOI has been around for over 48 years doing this. We’re doing it primarily as a government agency, trying to support the federal government at the same time to commit to the programs and initiatives from the Central Bank of Nigeria (CBN).

“We are the major recipients of most of the financial aids or funds from the CBN. So, I can assure you that, yes, these are all deliberately designed to show that access to finance is as much as possible available to the barest minimum.”

He said BOI is also engaging with other financial institutions and driving access to finance through its lending programs.

“We give our money to banks that are doing quite well and banks that are also attracted to one particular needs.

“So, your reputation comes for you and the best way to build a reputation is, of course, to do exactly what you say you wanted to if you are approaching BOI for a loan to invest.”